Investment banking contributed just 5.3% to Goldman Sachs' total pre-tax profits in the three months to August 28, while trading generated 75% and asset management produced more than three times as much as the bank's advisory and underwriting work.

The bank's latest filing with the Securities and Exchange Commission shows that investment banking profits were $128m (€107m) out of a total $2.4bn; trading and principal investments contributed $1.8bn and asset management, $454m.