World comes to an end. Goldman Sachs net income surges.

Well, almost. It verges on the unseemly to achieve a 20 per cent increase in fixed-income trading from the previous quarter - after stripping out a one-off gain on a disposal. That means Goldman was able to increase fixed-income revenues even after taking its lumps on leveraged loan write-downs - a painful $1.5bn, after its fee cushion.