Goldman Sachs has slipped to second place in the latest earnings figures for global underwriting and merger advisory fees. The bank also looks set to miss out on a lead role in the $4bn (€3.4bn) initial public offering of Google, the internet search engine.

Morgan Stanley deposed Goldman Sachs as the biggest earner of underwriting and merger advisory fees worldwide in the first quarter, claiming the top spot for the first time in four years, according to figures from Freeman & Company, the US-based consultant.