Goldman Sachs beat expectations for second-quarter revenues but fixed income trading, the unit on which it is trying to reduce its reliance under chief executive David Solomon, again dragged on profits.

The bank said net profits for the three months were $2.4bn, a 6% year-on-year decline. This was on the back of revenues of $9.5bn — up on analyst forecasts of $8.8bn but 2% down on the same period in 2018.