Goldman Equity Traders Fuel Record Quarter Amid Reddit Mania
- Firm’s traders deliver strongest performance in over a decade
- SPAC, tech IPO markets anchor investment-banking surge
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Goldman Sachs Group Inc. cashed in on another roaring period for its traders and investment bankers, with revenue and earnings rising to a record in a quarter marked by the Reddit-fueled stock-market mania.
The bank’s traders delivered their strongest performance in more than a decade, with a 47% surge in revenue, led by a jump in equities. Goldman’s dealmakers joined the party, with a 73% surge in investment-banking fees in the first quarter. That bonanza was anchored by revenue from equity underwriting, which quadrupled amid a red-hot market for special purpose acquisition companies and tech-company stock offerings.