Goldman Sachs' fixed income sales and trading model is "not broken", according to one of the best-known banks analysts in the City of London — who works for one of its biggest rivals.

Kian Abouhossein, JPMorgan’s head of European banks research, discussed Goldman Sachs’ second-quarter results, which saw a 40% drop in year-on-year revenues from fixed income, commodities and currencies sales and trading, in a note published on Wednesday.