Goldman traders are on pace for a record year. A close-up look at how they're doing it

Key Points:

• Goldman Sachs' equities trading business was the largest growth driver last quarter, with revenue surging 72% to a record $7.42 billion, outperforming investment banking and fixed income segments.
• The firm’s Global Banking & Markets division, which includes equities, investment banking, and FICC, generated $15.5 billion in revenue, accounting for over 75% of total revenue.
• Goldman’s strategy focuses on cross-selling equities services to clients who also use its investment banking or wealth management offerings, supported by multi-year investments in technology and Asia market expansion.
• Market volatility, strong earnings growth, and the AI-driven capital expenditure cycle have boosted client activity, especially in derivatives and equity financing, despite concerns about crowded trades and valuation risks.
• Goldman plans to maintain its edge through a "One GS" integrated client approach, leveraging expert teams across products and geographies to provide holistic solutions and diversify client exposure to mitigate downturn risks.