Goldman Sachs has recorded the largest quarter-on-quarter increase in investment banking revenues among its global rivals this year, according to new research, with fee income more than doubling in the three months to the end of June compared to the first quarter.

Revenues from debt and equity underwriting, and mergers and acquisitions at Goldman Sachs hit $1.31bn (€931m) in the second quarter, a 143% increase on the first three months of the year, while the world's top bank's on average recorded a 64% increase over the period, according to Morgan Stanley analysis of Dealogic data.