Big bank profits surged in the fourth quarter and Wall Street roared back to life, with net income rising 50% at JPMorgan Chase and more than doubling at Goldman Sachs.

Goldman Sachs drove $14.28 billion of profit in 2024, up 68% from the year earlier, reflecting gains in investment banking and trading. Fourth-quarter per-share earnings of $11.95 handily topped analysts’ estimates of $8.

Goldman Sachs shares gained in premarket trading Wednesday after the bank reported better-than-expected fourth-quarter results.