Goldman Sachs today set a fierce pace when it opened the first-quarter reporting season on Wall Street today. Trading hit a record and investment banking turned in its best performance in more than five years, propelling net profits up 64% to a record $2.5bn (€2.1bn).

Net revenues in the three months to February 24 soared 61% to a record $10.3bn as Goldman achieved strong performances across the board, while compensation climbed two-thirds to $5.3bn.