Goldman Sachs Group Inc (GS.N) reported a higher second-quarter profit on Tuesday, as it benefited from a sharp decline in expenses and more activity in some parts of the fixed-income markets, but most of its businesses came under pressure.

In response to a “challenging backdrop” for revenue, the Wall Street bank embarked on a cost-cutting plan in the first half of the year that will save $700 million (£532.8 million) a year, Chief Financial Officer Harvey Schwartz said on a conference call.

The Wall Street bank’s profit rose 78 percent, easily beating subdued analyst expectations, with higher revenue in fixed income, currency and commodities trading, as well as debt underwriting, compared with the year-ago period.

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