Concerns about the exposure of US investment banks to the recent turmoil in the mortgage markets are overblown, according to analysts. But the banks could show signs of pressure in emerging markets and credit trading when they start reporting first-quarter figures this week.

Results from Goldman Sachs and Lehman Brothers, whose first quarter ended last month, will give an indication of concerns in the sub-prime loan sector. UK bank HSBC last week took a $10.6bn (€8bn) hit for bad debts after problems in its US mortgage lending business. More than 20 sub-prime lenders have closed.