Following “challenging market conditions”, JP Morgan (LON: JMC) reported an 18% fall in revenue for the fourth quarter of 2018.
The group’s quarterly profit that was reported on Tuesday fell below analysts’ expectations for the first time in 15 quarters.
Despite the poor revenue results, the lender reported a 67% rise in profits to $7.1 billion. The rise in profit was a record for the fourth quarter.
Earnings also grew to a record of $32.5 billion, whilst fixed-income trading fell to $1.9 billion (£1.5 billion).
“Despite a challenging quarter, we grew markets revenue in the investment bank for the year with a record performance in equities and solid performance in fixed income,” said Jamie Dimon in a statement.
Dimon also warned against the political shutdown in the US and the effects it may have on results.
“We urge our country’s leaders to strike a collaborative, constructive tone, which would reinforce already-strong consumer and business sentiment,” he said.
“Businesses, government and communities need to work together to solve problems and help strengthen the economy for the benefit of everyone,” added Dimon.
Shares in JP Morgan fell 8.7% last year amid the concerns surrounding a US/China trade war. They are currently trading down 1.29% (1557GMT).
