Lloyd Blankfein, Goldman Sachs’ chief executive, on Thursday said there was “light at the end of the tunnel” for the investors and financial firms hit by the credit crunch - the latest sign of Wall Street’s belief the current turmoil may be nearing its end.

Speaking to investors at Goldman’s annual shareholder meeting Mr Blankfein said the financial crisis was “closer to the end than the beginning,” - an echo of the views expressed by John Mack, his Morgan Stanley counterpart, earlier this week.