Goldman Sachs beat Wall Street expectations for third-quarter profit on Tuesday, as its investment bankers earned higher advisory fees and rallying markets boosted revenue from managing client assets.

The bank's prediction for a banner year for dealmaking has materialized as corporations revive plans for mergers and listings.

Goldman's investment banking fees surged 42% to $2.66 billion in the quarter ended September 30 from a year ago. Analysts were expecting a 14.3% increase, according to the average estimate compiled by LSEG.

Ticker Security Last Change Change % GS THE GOLDMAN SACHS GROUP INC. 786.78 +22.42 +2.93%

A Goldman executive said the firm advised on $1 trillion in announced mergers and acquisitions year to date, $220 billion more than its next closest competitor.

It a

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