Goldman’s Q4 profits fell to $1.3bn – compared with $3.9bn a year earlier. Investment banking revenues fell 48% to $1.9bn. Other large investment banks have also seen marked reductions in investment banking revenues.

The firm is cutting costs including letting go of 3,000 staff.

Goldman is also absorbing its startup digital bank Marcus into its wealth management business – after its consumer financial technology unit recorded a Q4 loss of $778m.