Goldman Sachs profits plunge by 70%

Goldman Sachs, one of the two remaining Wall Street banks untouched by takeovers or public funding, has revealed a 70% fall in third quarter profits compared to this time last year.

The U.S investment giant reported a net income of $845m for the quarter up to August 29, down from $2,85bn a year earlier.

Earnings per share have fallen to $1.81 a share, from the $6.13 a share seen a year previously.

Net revenue also fell by half to $6.04 billion from $12.3bn.