Market forces Goldman revenues hit by bond weakness

Goldman Sachs has suffered a 40pc drop in revenue from its bond business in a difficult quarter that laid bare the Wall Street giant’s reliance on trading.

Revenues from its fixed income, currency and commodities (FICC) trading division plunged to $1.16bn (£890m) in the three months to the end of June, down from $1.93bn a year earlier. However, across the group, quarterly earnings-pershare increased by 6pc to $4, from $3.77 in 2016.