Investment banking analysts at JPMorgan have revised down their fourth-quarter revenue estimates for the industry, with yet another bruising period predicted for fixed income trading desks.

Analysts at the US bank, led by Kian Abouhossein, said in a note dated January 9 that overall investment banking revenues — including traditional advisory businesses and sales and trading — would be down 12% year-on-year in the fourth quarter. In November, the same team had predicted a 9% drop.