Fourth-quarter results a mixed bag for US banks

Net revenues in fixed income, currency and commodities business at Goldman Sachs was down by 48% to $1.64 billion in Q4 versus the same period in 2009 and 39% lower than the previous quarter. The bank said that Q4 was a "challenging environment", chararcterised by generally low client activity levels, which resulted in lower net revenues across the franchise.

Morgan Stanley reported a loss of $29 million in the fixed income sales and trading business in Q4, compared to revenues of $663 million

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