Goldman Sachs this morning reported a 23% year-on-year fall in net profits for the first quarter despite reducing operating expenses by more than $1bn and cutting 3000 jobs, as its biggest business line – fixed income, currencies and commodities – suffered over the period.

The US bank this morning reported net revenues of $9.9bn, down 16% year-on-year, and net profits of $2.1bn, down 23%, as two of the bank's biggest divisions suffered sharp falls in revenue.