Goldman Sachs has done it again, posting record-setting earnings during a quarter when many of its competitors will see profits trimmed by exposure to consumer-related write-downs.

The Wall Street bank, which has no direct consumer exposure, reported quarterly earnings of $3.44bn on revenues of $13.8bn. Combined with Goldman’s repayment of $10bn in taxpayer funds last month, the strong showing – almost double its healthy returns for the first quarter – suggests that the investment bank has turned back the clock to its salad days of 2006 and 2007.