Goldman slides 70% to £454m

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The US investment bank's third-quarter profits were $810 million (£454 million), a meagre return by its standards. Goldman seemed until now to have had a magic touch, avoiding the credit crunch and subprime mortgage crisis with nimble dealings that aroused both jealousy and conspiracy theories.

Chairman and chief executive Lloyd Blankfein said: "This was a challenging quarter as we saw a marked decrease in client activity and declining asset valuations."

Investors were spooked by his remarks, and are nervous about what Goldman's arch-rival, Morgan Stanley, has in store.

Goldman shares fell 12% to $119 in New York. The profits compare with $2.8 billion in the same period a year ago, but still beat Wall Street expectations. The results are the worst Goldman quarterly figures since it joined the stock market in 1999.