The second quarter earnings have not been kind to FICC desks across the Street due to the bond market’s low volatility.

None has felt is as much as Goldman Sachs, which witnessed a drop of 40% in bond-trading revenue for the last quarter, has seen the market’s malaise continue into the third quarter, reported Reuters.

The investment bank saw its fixed-income revenue for the second quarter income fall below its peers J.P. Morgan Chase, Bank of America, and Morgan Stanley.

One investor on the Goldman Sachs second-quarter earnings call wondered if further deterioration in the business over the next six to 12 months could damage Goldman Sach’s credit rating, according to Reuters.

Goldman Sachs attributed its revenue decline to its active asset managers trading less and paying fewer commissions, said Marty Chavez, CFO of Goldman Sachs, during the call.

The investment bank plans to address its short fall by focusing on the areas in which it can improve its relationship with it clients, said Chavez.

We are “asking them how we’re doing with them, what’s working, what’s not, what they like to see more of and less of,” he said.

The firm also plans to push more cross-selling with the investment bank as well as diversifying its client base to include more large corporations and asset managers, he added.