JPMorgan Chase blamed a 4 per cent fall in income on weaker investment banking and trading results and a loss in its private-equity division.
The group, the first big US bank to post third-quarter figures, also set aside $1bn for litigation tied to poorly-written mortgages and securities.
The bank earned $4.3bn, compared with $4.4bn a year ago. Fees from investment banking fell 31 per cent to $1bn as investors stayed away from volatile markets. The market turmoil in the quarter also led to a 37 per cent fall in debt and a 47 per cent fall in stock underwriting fees as fewer companies sought to raise money by selling bonds or in public share offerings.Reuse content