Investment banking fees at JP Morgan fell to their lowest level since the fourth quarter of 2005, as the US bank set a sombre tone for the third-quarter reporting season.

JP Morgan, the first of the top-tier banks to report figures for the third quarter, reported a 13% decline in total net revenues quarter-on-quarter, led by a 19% fall in revenues derived from Europe, Middle East and Africa, as capital markets in the region dried up.