Goldman Sachs posts massive bond trading revenue drop

Bond trading revenues at investment bank Goldman Sachs fell by 40% in the second quarter, akin to a number of its rivals, as the US increased interest rates and cut back on bond buying.

Revenue from fixed income, commodities and currencies trading came in at $1.16bn (£900m) over the quarter.

Overall, GS, the largest investment bank on Wall Street, posted profits of $1.83bn for the quarter, down from the $2.2bn reported in the first three months of 2017 and only marginally higher than the $1.82bn it posted over the corresponding quarter last year.

Total net revenues for the first half came in at $15.91bn, up rose 12%.

Chief executive Lloyd Blankfein said the "mixed operating environment" continued into the second quarter.

"Against that backdrop, we produced revenue growth and improved profitability for the first half of 2017, reflecting both the diversity and strength of our global businesses."