JPMorgan Chase & Co. (JPM)'s fourth-quarter trading revenue will be slightly down from last year, according to Michael Cavanagh, who co-runs the bank's corporate and investment bank.

"Fixed income and equities are tracking very well versus client volumes, which are down slightly" from last year, Cavanagh said at an investor conference in New York today.

Investment-banking fees for underwriting bond and equity issuance and advising on mergers and acquisitions are "healthy" this quarter and may be close to the previous three months, when JPMorgan generated $1.5 billion in fees, he said.

"Last year's fourth quarter was a particularly strong underwriting quarter. I don't think we'll achieve that again, but it's a healthy quarter," Cavanagh said, adding that the final figure "might come in looking something similar to the third quarter."

Cavanagh and Daniel Pinto run the corporate and investment bank, whose traders compiled a perfect record in the first nine months of this year by generating profits every day the markets were open. On three of those days, traders made more than $200 million, JPMorgan said in a regulatory filing this month.

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