Goldman Sachs' fixed income, currencies and commodities unit suffered a 48% decline in revenues in the third quarter compared with the previous three months as large swings in key markets took their toll.

The FICC division had net revenues of $828m (€721m) in the third quarter versus $1.59bn in the preceding three months and $1.3bn a year ago, equating to falls of $762m and $484m, respectively. Revenues from all of the banks' trading and principal investments fell sequentially from $2bn to $1.6bn.