(Reuters] -Goldman Sachs Group Inc profits fell almost 13% on Tuesday. The less volatile equity markets hurt trading and dampened a boom year for deals. Wall Street’s leading investment bank saw its shares fall 4%.

This quarter, weak trading volume has caused a drop in bank earnings. The Federal Reserve reduced the rate of asset purchases this quarter after pumping liquidity into capital markets for 18 months to reduce the effects of the COVID-19 pandemic.

The trading division at Goldman reported lower profits in the fourth quarter than a year ago, due to less swings in financial market.

Due to weak fixed income and equities trading, the bank’s global markets revenue fell by 7% to $4 billion.

The bank reported that equity underwriting revenue dropped 8% compared to the strong quarter of last year, when trading volumes soared. This was due to lower secondary stock offering income.

Although fixed income net revenues remained stable at $1.86billion a year ago, equity revenue dropped 11%. Global markets net revenues were 29% less than in the third quarter 2021.

As with its competitors, Goldman’s slowdown in trading was overshadowed by a 45% increase in investment banking revenues to $3.80 Billion. The company’s top revenue earners raked record amounts from their advice on the most significant mergers and initial public offerings.

Last week, the country’s largest bank JPMorgan Chase & Co (NYSE:) too had faced the brunt of a slowdown in its trading arm, which sent its shares down as much as 6% as analysts expressed concern over its forecasts for future profitability.

The net earnings of Goldman relating to common shareholders decreased to $3.81 Billion in the third quarter ending Dec. 31, from $4.36 Billion a year ago.

The earnings per share decreased to $10.81, from $12.08 one year prior. According to data from Refinitiv, analysts had predicted a loss of $11.76 per shares.

Its investment banking and consumer wealth management units drove the increase in net revenue by 8% to $12.64 Billion.

Marcus, Goldman’s consumer bank and a shining light during quarter one was Marcus. Even though the unit is small compared with traditional Main Street lenders’, it saw an 8% increase due to increased credit card and deposit amounts.

Bank profits have been impacted by wage inflation and high costs of new technology investments. Goldman saw its operating costs rise 23%. This indicates that the company is paying significantly more in compensation and benefits.