Goldman Sachs posted a 15 per cent jump in first-quarter profit. The Wall Street giant’s revenue was boosted by record equities trading amid market volatility.

The bank’s first-quarter net revenue was $15.06 bn (£11.4bn), surpassing the analyst consensus of $14.8bn (£11.2bn). Net earnings were $4.74bn (£3.6bn).

Equity-trading revenue rose 27 per cent from the previous year to $4.19bn (£3.2bn). JP Morgan Chase and Morgan Stanley also secured record highs during the period.

This followed a bumper 2024 in the division, where the New York-based bank’s equity revenue rose almost 50 per cent.

Operating expenses rose to $9.13bn (£6.9bn), five per cent higher than in the first quarter of 2024 and ten per cent higher than in the final quarter of 2025. The bank said this reflected “significantly higher transaction-based expenses” and “higher compensation and benefits expenses.”

However, revenue at Goldman’s investment-banking arm fell eight per cent from the previous year. The division booked $1.91bn (£1.4bn) in revenue.

The Wall Street lender said its investment banking fees backlog had increased since 2024.