Goldman Sachs is rolling in $$$ from tariff volatility

The world’s second-largest bank 🤝 doomsday preppers with online shops 🤝 profiting off of panic.

Goldman Sachs reported a backflip-worthy second quarter yesterday, boosted by fees it collected from investors and businesses that rushed to respond to President Trump’s tariff policies.

Revenue reached nearly $14.6 billion in the second quarter, beating Wall Street’s expectations by more than $1 billion, according to Goldman Sachs. The surge is largely because of:

• Frenzied stock trading. Goldman raked in a new Wall Street record of $4.3 billion in trading fees as it helped clients adapt their portfolios to tariff risks.
• A dealmaking rebound. The bank’s revenue from advisory fees spiked 71% on a burst of M&A activity.

Goldman’s earnings leapt 22% from the same period a year ago.

Zoom out: Trading desks are broadly benefiting from this year’s tariff-induced market chaos, with other firms, including JPMorgan Chase, Citigroup, and Morgan Stanley, all enjoying a bump in trading revenue. And while M&As are down overall, demand for high-value deals ($500+ million) is rising as CEO confidence returns and companies seek scale as a shield against market uncertainty, according to the Wall Street Journal.