Schadenfreude is a popular dish on Wall Street. There is little bankers like more than when their rivals end up in the soup. And there is particular satisfaction for competitors to see Goldman Sachs with egg on its (ever so slightly smug) face. So why is there not more celebration of Goldman’s disappointing trading performance in the first quarter?

For the first time in six years, Goldman generated less revenue from fixed income trading than any of the other big Wall Street banks. And that includes Morgan Stanley which axed a quarter of its traders at the end of 2015. Goldman’s revenues were flat. Morgan Stanley’s doubled.