"JPMorgan's earnings power has decreased because of slowing investment bank trading and also slow growth in its loan book," said Benjamin Wallace, a securities analyst at Grimes & Co in Westborough, Massachusetts, which holds JPMorgan shares. Profit from investment banking, which includes underwriting stock and bond offerings and advising corporations on deals, fell 33 per cent. The drop was due mainly to lower fees from stock offerings. Income from trading currencies, bonds and other fixed-income investments fell 38 per cent as interest rates remained at historic lows.