11:17 AM EST, 01/15/2025 (MT Newswires) -- Goldman Sachs ( GS ) reported stronger-than-expected fourth-quarter growth on Wednesday amid an acceleration in investment banking fees that management said was bolstered by improved Chief Executive Officer confidence following the US presidential election.

Revenue advanced to $13.87 billion for the three months ended Dec. 31 from $11.32 billion a year ago and beat the $12.36 billion average analyst estimate on FactSet. Earnings per share jumped to $11.95 from $5.48 and outperformed the $8.21 consensus.

Goldman's shares were up 5.4% in Wednesday trade.

Global banking and markets revenue rose 33% year over year to $8.48 billion, buoyed by gains across equities, fixed income, currencies and commodities, and investment banking.

Goldman reported a 24% jump in investment banking fees, fueled by secondary and initial public equity offerings and leveraged finance activity. However, advisory net revenue was "slightly lower," the company said.

"There has been a meaningful shift in CEO confidence, particularly following the results of the US election," Chief Executive David Solomon told analysts on a conference call, according to a FactSet transcript. "Additionally, there is a significant backlog from sponsors and an overall increased appetite for dealmaking supported by an improving regulatory backdrop."

Asset and wealth management revenue climbed 8% to $4.72 billion amid higher management and other fees led by an increase in average assets under supervision. Total assets under supervision reached $3.137 trillion as of the end 2024 from $2.812 trillion the year before.

Platform solutions revenue rose 16% to $669 million. Goldman Sachs' ( GS ) provision for credit losses dipped to $351 million from $577 million year to year. Operating expenses were down 3% to $8.26 billion.

"There is an expectation that the regulatory burden will be reduced, which should serve as a tailwind to risk assets and capital deployment," Chief Financial Officer Denis Coleman said on the call. "We are optimistic on the outlook for 2025 and expect (a) further pickup in M&A and IPO activity."

Price: 601.63, Change: +30.10, Percent Change: +5.27