Goldman Sachs followed its peers on Wall Street into record profits for the first quarter of the year, unveiling an 89% rise in pre-tax profits to $1.93bn (€1.57bn) driven by a massive surge in revenues from credit and equities trading.

Goldman Sachs's trading and principal investments division generated net revenues of more than $4.1bn for the three months to the end of February, accounting for the vast majority of the bank's 42% increase in revenues of $5.9bn.