Bank executives, in a press release, blamed most of the poor results on "weak trading results" in its investment bank. At the same time, they said the merger with Bank One, completed in July, was going well. In a conference call, J.P. Morgan CEO William Harrison said the poor results on the trading desk the past few quarters have led to a management reshuffling over the past two weeks. Jamie Dimon, J.P. Morgan's president and CEO-in-waiting, didn't mince words, calling it a "terrible" quarter for trading. "These are terrible results," Dimon said on the same conference call. "We don't feel good about it." Revenue in the investment bank dropped 3% to $2.7 billion, despite 43% increase in fees from underwriting and merger advisory work. But revenue from its fixed-income division, which includes bond trading, dropped 23% to $1.1 billion. The performance of the bank's trading group was the big drag. Trading-related revenue was $842 million, down from $1.2 billion a year ago.