Banks will not be looking forward to fourth quarter earnings season, particularly as they assess short-term hits from US tax reform, but executives’ grim faces will likely mask some relief that the worst may be over for their investment banking divisions.

The earnings reports, which begin with JPMorgan today, are widely expected to show continued pain in fixed income, currencies and commodities and lacklustre revenue from trading, which was hit again by record-low volatility in equity markets.