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 attributed the quarter's growth to higher net revenues from all its businesses, but particularly from its Global Banking and Markets unit. In the fourth quarter, that department generated $8.48 billion in net revenues, a 33% rise from the same quarter in 2023.

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