The third quarter of 2015 was the worst for JP Morgan’s equity underwriting business in nearly three years, as revenues dropped more than a third from their year-ago level against the backdrop of a plunge in share issuance activity.

The US bank, led by its chairman and chief executive Jamie Dimon, opened the quarterly reporting season for Wall Street's biggest investment banks late on October 13, with revenues from equity underwriting in the three months to September 30 totalling $269 million - 40% down on the second quarter and 35% down from the "strong" third quarter of 2014, it revealed in its results statement.