Goldman Sachs, which had been enjoying its best start to a year in sales and trading since 2012, has suffered a sharper drop in those revenues than any of its rivals on Wall Street in the second quarter, although a near-record performance in investment banking offered reason for cheer.

Goldman Sachs, which reported its second-quarter results on Thursday, the same day as US rival Citigroup, revealed a 6% year-on-year drop in sales and trading revenues at its institutional client services division, to $3.6 billion.