Goldman Sachs' investment banking division contributed just 6% to overall group profits last year, according to a filing with the Securities and Exchange Commission, the US regulator.

Pre-tax profits for the firm's investment banking division, which comprises financial advisory and financial underwriting, were $401m (€309m), while group pre-tax profits reached $6.7bn in the year to November 2004. The contribution was slightly up on 2003, when investment banking accounted for 5% of group profits. However, the business contributed 12% to overall pre-tax earnings in 2002.

Anuj Gangahar in New York

Goldman Sachs

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