Deal-making revenue for some investment banks improve for the third quarter of 2024. One such bank is New York-based Lazard. Lazard is optimistic about its recent merger and acquisition (M&A) activity. The financial holding company is led by its CEO Peter Orzag, who is an Obama administration official at the White House. Orszag was the 37th Director of the Office of Management and Budget (OMB). Lazard has strong ties to the U.S. Democrat party. Raymond (Ray) McGuire, Lazard’s president, was a contender to be deputy Treasury secretary to Jack Lew under President Obama. Ray McGuire unsuccessfully ran for New York City mayor, being bested by Eric Adams. Notable past deals Lazard advised on include WestRock’s $33.5 billion merger with Smurfit Kappa (in 2023) and struggling EV maker Rivian’s $5 billion investment from Volkswagen. Lazard’s financial advisory revenue increased 39% in the third quarter of 2024 to $371 million, contributing to a 50% growth in revenue to $785 million.

Goldman Sachs third quarter 2024 profit soared 45%. This was through a surprise increase in equity trading revenue and growth in its investment banking business. Goldman’s investment banking revenue jumped 20% to $1.87 billion.

On another note, French investment giant BNP Paribas reported an increase in its 3Q 2024 earnings. The bank’s net profit for the three months ended September 30, 2024 expanded to 5.9% from a year earlier to 2.87 billion euros, equivalent to $3.12 billion. BNP Paribas’ corporate and institutional banking division generated a 9% growth in revenue to 4.25 billion euros. Part of this increase is linked to higher trading revenues in its global markets business. BNP Paribas is betting on its investment bank to increase its market share.