J.P. Morgan & Co. said Wednesday that fourth-quarter profits would be sharply lower than expected because of "weak results" in proprietary activities and a $100 million pretax restructuring charge.

The $298 billion-asset banking company said that despite strong performances in investment banking and other client-related businesses, results would be lower than the 58 cent-per-share profit recorded for the tumultuous third quarter. That was already down 60% from the same period last year.

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