Goldman Sachs Group generated its highest revenue from Japan in more than a decade, leading a bumper year for global banks as they sought to capitalize on the country¡¯s financial-market rebound.

Net revenue at Goldman Sachs¡¯?local brokerage arm rose 10% to ?125.5 billion ($800 million) in the 12 months to Dec. 31, the best showing in 15 years, spurred by securities trading business. The U.S. firm also led peers in net income, even though it fell slightly as costs grew, according to filings.

International banks are seeking opportunities from a revival in the nation¡¯s financial markets and corporate activity. Japan-related mergers and acquisitions have climbed 60% by value this year after hitting a record in 2025, according to data compiled by Bloomberg. The stock market is flirting with all-time highs while speculation over monetary policy has fueled yen bond trading.

¡°Japan continues to be a key focus for Goldman Sachs, where we see strong global investor interest and widening client engagement across investment banking and markets,¡± Hidehiro Imatsu, the unit¡¯s president and representative director, said by email.

Citigroup¡¯s Japan securities unit posted its highest revenue in at least a decade last year, driven partly by growth in its merger advisory business, where the firm has been seeking to expand headcount.

¡°As Japanese companies increase their overseas investments and capital market activities, we are seeing strong demand for cross-border solutions,¡± Citigroup said in an emailed statement.

UBS Group¡¯s local brokerage subsidiary had the highest consolidated revenue since 2021, when the company¡¯s wealth management joint venture with Sumitomo Mitsui Trust Group began operating, according to a spokesperson at the Swiss firm. All business lines, including wealth services, did better in 2025, he said.

Meanwhile Bank of America¡¯s Japan securities arm recorded the strongest revenue since the year ended March 2014, according to a spokesperson.

Despite the robust showing, many of the firms¡¯ headcounts didn¡¯t show similar corresponding growth amid intensifying competition for talent in Japan.

The results came on top of a stronger performance globally for all seven banks tracked by Bloomberg, after volatility driven by U.S. President Donald Trump¡¯s policies boosted trading business.

Still, their bottom lines in Japan were mixed. Net income at Bank of America¡¯s local entity fell 29% as compensation and other expenses grew.

Other major global banks including Morgan Stanley and JPMorgan Chase?will announce Japan results later in the year because their securities units close their books on March 31.