Goldman Sachs' profit in the second quarter slumped by more than 60% as the Wall Street giant battled a decline in dealmaking, tumbling trading fees and a strategic shift away from its foray into consumer banking.

In one of its worst quarters for years, the Wall Street firm posted net profit of $1.1bn for the second quarter of 2023, a decline of 58% compared with a year earlier and below analyst expectations, as core dealmaking fees tumbled.