Goldman Sachs prepared the market for a possible end to its remarkable run of record-breaking profits in defiance of the credit squeeze, warning on Tuesday that difficult market conditions in November had clouded its outlook.

The bank reported fourth-quarter results that beat market forecasts by a wide margin as it once again largely escaped the massive mortgage-related losses that have plagued many of its rivals and triggered the departure of chief executives at Merrill Lynch, Citigroup and UBS.