Goldman Sachs posted a small increase in revenues during the third quarter, as strong investment banking results were weighed down by weaker performance in its fixed income trading division.

The US banking giant posted revenues of $8.65bn for the third quarter, up 4% on the same period last year and $300m ahead of analyst consensus. Profits were up by over 18% compared to the prior year at $2.52bn. Like its US investment banking peers, Goldman's profits have been bolstered by lower taxes in its home market.