Goldman Sachs (NYSE:GS) was the latest investment bank to bear witness to tough trading conditions in the quarter just ended.
Net income fell by more than a third to US$1.43bn from US$2.24bn in the same period of 2014, with the controversial bank seeing trading revenue from fixed-income securities down by 34% year-on-year.
The slide in fixed-income revenues was much steeper than the falls experienced by JPMorgan Chase, down 23%, and Bank of America, down 11%.
The so-called Vampire Squid's money funnel delivered earnings per share of US$2.90, below the US$3 expected by The Street, and down from US$4.57 in the third quarter of 2014.
Net revenue declined to US$6.86bn from US$8.39bn a year ago.
The shares were off 1.1% in pre-market trading at US$177.48 in a market expected to open higher.