In a highly unusual move, the notoriously tight-lipped J.P. Morgan & Co. said Wednesday that it expects fourth-quarter earnings to fall from the third-quarter level.

Morgan said in a statement that its fourth-quarter earnings will be less than the $327 million posted last quarter, largely due to "substantially reduced trading revenues" because of lower activity in derivatives markets.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.