Goldman Sachs Chief Executive David Solomon said the bank’s equities trading business remains notably strong, but its fixed-income, currencies and commodities (FICC) division has softened in the third quarter compared with prior periods. Non-compensation expenses are projected to rise by more than $500 million from the second quarter, driven by heightened client activity and accelerated technology investment. Goldman also expects higher bad-debt provisions because of several company-specific factors. FICC revenue rose 32% year over year in the second quarter after falling 10% in the first quarter to $4.01 billion, when its rates business was affected by volatility linked to the Iran conflict. Solomon said investment-banking activity would likely be much more muted in the third quarter after strong deal-making in the previous quarter. Industry investment-banking revenue fell to $21.194 billion through September 15 from $23.765 billion a year earlier, according to Dealogic. Goldman shares fell as much as 4% on September 16, weighing on broader bank stocks. The comments followed a strong second quarter in which Goldman reported $20.34 billion in net revenues and $6.63 billion in net earnings.