Goldman Sachs announced lower revenue and profit for the fourth quarter in its latest earnings report. The firm’s revenue fell 5 percent in the fourth quarter from the same quarter a year ago. Total revenue was down 2 percent for all of 2015.

The bank’s fourth-quarter profit fell to $765 million, or $1.27 a share, compared with $2.17 billion, or $4.38 a share, in the final quarter of 2014. Analysts polled by Thomson Reuters had expected a profit of $3.53 a share. Goldman said that $1.8 billion in provisions for a mortgage settlement reduced fourth-quarter earnings by $3.41 a share. The firm’s profit for the year as a whole declined 31 percent, to $5.6 billion.

New regulations and shaky global markets have hurt the investment banking firm. The fixed-income trading businesses has been hit hard by new regulations. The fixed income business comes with much higher regulatory costs now than it has in the past. Many firms on Wall Street have recently announced big cuts to their fixed-income trading businesses. One of Goldman’s closest competitors, Morgan Stanley, recently detailed significant cutbacks in is fixed income business as well as other areas.

Goldman is heavily reliant on its fixed-income trading business. In the fourth quarter, Goldman Sachs’ fixed-income business reported 8 percent lower revenue than it did a year ago. For the year, fixed-income revenue has fallen 13 percent for the firm.

In a bright spot for the company, Goldman’s business of advising companies continued to perform well. That business grew 27 percent from a year earlier. However, nearly every other major business line produced smaller revenue. New regulations and volatility in the global markets have diminished business opportunities for the bank, but the recent difficulties reportedly have not led the company’s executives to question their mix of businesses. The firm says that it has been a challenging environment for the entire industry.

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