Goldman Sachs’ international unit failed to match the huge revenue gains of its overall global business during the first half of 2020, with sluggish investment banking and equities revenues in Europe weighing on results.

The US investment banking giant’s international business — which is primarily based in Europe, the Middle East and Africa — made $4.5bn in the six months to 31 May, a gain of 11% on the same period in 2019, according to accounts filed on 11 August.