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.

JPMorgan, Wells Fargo, Goldman Sachs and Citi are kicking off earnings season on Wednesday with their December-quarter results.

Goldman Sachs said its profit more than doubled in the fourth quarter, boosted by companies’ growing appetite for dealmaking. Profit jumped 105% to $4.11 billion. That amounted to $11.95 per share, which was far better than the $8.

JPMorgan Chase on Wednesday posted record quarterly and annual earnings and revenue, reinforcing the company’s status as the biggest and most profitable bank in U.S. history.