It was a nice run.

For the first time in over a decade, Goldman Sachs Group Inc is worth less than its longtime rival, Morgan Stanley, at least in the eyes of equity investors.

After reporting a plunge in bond trading, Goldman's market capitalisation fell to $99.4 billion ($1.2 billion) at the close on Wednesday, a fraction less than Morgan Stanley. That snapped a 4,105-day streak, which started on October 23, 2006.

The reversal comes on the heels of an uncharacteristically rough year for Goldman, long-considered the envy of Wall Street.

Fixed-income trading tumbled 50 percent in the fourth quarter, with revenue falling to the lowest level since the financial crisis. The results culminated in Goldman's first quarterly loss in more than six years -- driven by a charge tied to the US tax overhaul. The trading slide, which persisted throughout 2017, has prompted major questions about the firm's strategy.

Morgan Stanley reports its earnings Thursday.