Goldman Sachs’ fixed income, currencies and commodities unit reaped more revenues than all of the US bank’s other businesses combined last year for the first time since the firm’s flotation more than a decade ago.

Goldman Sachs' FICC arm, long renowned as the engine room of the Wall Street bank, turned in a record $23.3bn (€16.4bn) in net revenues last year that meant the division for the first time accounted for the majority of the bank's overall net revenues, which last year doubled to $45.2bn, according to its annual results published today.