Goldman Sachs’ recent warning to investors about so-called headline risk seems overblown when one considers a report from Bloomberg Markets about investment banking fees.

Turns out the tarnished bank is ranked No. 2 for last year in terms of i-bank earnings, up from No. 3 in 2008. So even as it became the subject of public scorn amid feelings – warranted or not – that its bankers would rip off their own mothers if they had the opportunity, it moved up a notch in the ranks.

According to the report, i-banking fees overall shot up 13 percent in 2009, to $59.8 billion, topping the 2008 level of $53.1 billion. That’s still well below record highs of $86.8 billion reached in 2007, before the world started to collapse.

JPMorgan Chase still sits on top, with total fees of $4.97, up from $4.3 billion in 2008. Goldman is next with $4.56 billion, up from $3.69 billion in 2008.

Citigroup, meanwhile, dropped in its rankings to No. 5 from No. 2, although its earnings are still roughly unchanged at $3.86 billion from $3.77 billion.