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 posted its best profit since the third quarter of 2021, driven by bankers who brought in more fees from dealmaking, debt sales and strength in trading, sending its shares up 3% before the bell.

Goldman’s asset and wealth management division posted an 8% revenue increase to $4.72 billion, while its global banking and markets division saw a 33% jump to $8.48 billion in Q4.

Goldman Sachs reported on Wednesday higher fourth-quarter profit above market estimates, powered by strong growth in revenues, especially in investment banking fees. For the quarter, net earnings applicable to common shareholders surged 110% to $3.

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

Shares of Goldman Sachs Group Inc (GS) rose nearly 5% on Wednesday after the bank’s fourth-quarter earnings topped Wall Street estimates by a wide margin. The bank reported earnings per share (EPS) of $11.

Goldman's fourth-quarter results will give investors a preview of what to expect this year, as investment banking and trading fees are both expected to rise.