(Reuters) – Goldman Sachs Group Inc (NYSE:), Tuesday’s fourth-quarter earnings missed the market. The weak trading environment overshadowed Wall Street’s record year of mergers and acquisitions, sending Inc shares down 2%.

The quarter that ended December 31 saw a lower profit for Goldman’s trading units than last year. This was due to lower volatility and less swings in the financial markets.

Common shareholders saw net earnings fall to $3.81 Billion in the December 31 quarter, compared to $4.36 Billion the previous year. The earnings per share decreased to $10.81, from $12.08 one year ago.

According to data from Refinitiv, analysts had on average expected a $11.76 profit per share.

Goldman however reported that there was a 45% increase in investment banking revenues to $3.80 Billion in the third quarter.

Its most successful rainmakers earned record-breaking fees by advising on the biggest mergers, initial public offers and deals involving special purposes acquisition companies (SPACs), during an unprecedented year of global deal volume exceeding $5 trillion.

Goldman comfortably topped the league tables for worldwide M&A advisory, according to Refinitiv data, to maintain its dominance in the world of dealmaking. The league tables rank financial services firms on the amount of M&A fees they generate.