Goldman Sachs posted the sharpest fall in investment banking fees of any of its Wall Street rivals, as its leading M&A team suffered a 30% drop.

The Wall Street bank unveiled $6.2bn in dealmaking revenue for last year, a decline of 16% on an already challenged 2022 — the biggest decline among its US competitors. Bank of America's fees fell 2% in 2023, while JPMorgan was down 4%, Citigroup's dealmaking team slipped 11% and Morgan Stanley's 13%.