Goldman Sachs has ended Wall Street’s run of soaring fixed income revenues this earnings season - and has added that, despite an upbeat start to the year for investment bankers, its backlog of transactions has seen better days.

The bank posted first-quarter results today. Chief executive and chairman Lloyd Blankfein said: “The operating environment was mixed, with client activity challenged in certain market-making businesses and a more attractive backdrop for underwriting in our investment banking franchise.”