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Goldman Sachs cashes in on M&A wave to cap stellar quarter for U.S. banks

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Oct 15 (Reuters) – Goldman Sachs Group Inc (GS.N) on Friday reported a 66% surge in third-quarter profit that smashed expectations, as Wall Street’s biggest investment bank rode a record wave of M&A activity and initial public offerings.

The bank posted profits of $5.28 billion up from $3.23 billion a year ago, capping a stellar quarter for Wall Street lenders, which have benefited from a rebounding U.S. economy, soaring equity markets and a global deal-making bonanza.

Shares of Goldman Sachs were up 2% in mid-morning trading.

Global M&A volumes have shattered all-time records, with deals worth over $1.5 trillion inked by the world’s biggest investment banks in the third quarter, according to Refinitiv data.

Goldman comfortably held its top ranking as the world’s leading bank in M&A advisory, according to the Refinitiv data.

Those surging M&A fees drove Goldman Sachs’ overall financial advisory revenue up 225% to $1.65 billion, while underwriting revenue,…

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