While we all wait on tenterhooks for Morgan Stanley’s results at 1pm (GMT), further reflection on yesterday’s Goldmanesque revelations suggests that Goldman Sachs may no longer be the world’s best investment bank. Instead, it may be the world’s worst.

Analysts at Nomura have produced *clean* results for all the investment banks to have reported so far. They show overall revenues at falling 40% year-on-year at JPMorgan, 37% at BofA Merrill, 49% at Citi, and…51% at Goldman Sachs.

At this point, Goldman-groupies may point out that the bank had a very good second quarter of 2009, back when other banks weren’t doing quite so well. This may be so, but Goldman also fared worst quarter-on-quarter for the past three months. Its revenues were down 51%, versus an industry average of 44%. The end of an era may be upon us.

Is Goldman rebasing compensation at a lower level? (NY Times)

Chickenpox outbreak among the Goldman analyst class. (Dealbreaker)

Goldman may be becoming a mediocre trading house that doesn’t even pay very much. (BusinessInsider)

“This is a rare admission by GS that their traders are mere mortals like the rest of us.” (Businessweek)

Morgan Stanley CDS show that it’s lagging Goldman in restoring credibility. (Bloomberg)

And the winner is…Goldman Sachs. (WSJ)

Investment banks have volatile revenues and are highly dependent on what is going on in markets, a point that was conveniently forgotten for a while. (FT)

Head of fixed income, currencies and commodities at Macquarie has joined…Mercer. (City AM)

British banks face 390bn funding gap. (Telegraph)

Credit Suisse said to be cutting prop traders. (Dealbreaker)

Private bankers in Asia are being paid a fortune. (Bloomberg)

Islamic finance isn’t hot after all. (Bloomberg)