Goldman Sachs’ trading and principal investments business fell just short of repeating its record second-quarter performance over the last three months, but the bank has cut its third-quarter compensation-to-revenues ratio to its lowest level since becoming a public company a decade ago.

Trading and principal investments, which includes Goldman Sachs fixed-income, currencies and commodities division, had revenues of $10bn in the last three months, down 7% on the bank's record previous quarter, but "significantly higher" than the third quarter of 2008.