“We intend to be in the [consumer-focused] business for the long-term and we have to manage it through all points,” he said, responding to a shareholder’s question about the revenue plan announced last year. “We’re in the ninth year of a favourable cycle; five years ago, we might have waited for a better time to get into it, at a down part of the cycle, but we haven’t had that yet. So we take our risk accordingly.” Goldman has got off a bright start in 2018, recording its best quarterly return on equity for more than five years after a standout performance from its trading arm. Other banks across Wall Street revelled in a return of market volatility during the period, seeing double-digit year-on-year rises in revenues from trading divisions that had struggled during unusually calm conditions.

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