JPMorgan has announced a sharp year-on-year drop in third-quarter fixed income trading revenues, with a slump across its trading and investment banking businesses kicking off what is expected to be a disappointing reporting period for the world's biggest banks.

The Wall Street bank, led by chief executive and chairman Jamie Dimon, posted results for the three months to September 30 on Thursday. Group revenues of $25.3bn rose 3% from a year earlier. Dimon said in a statement that the bank had "delivered solid results in a competitive environment".