Net income fell 18% to $982m in the first quarter, down from $1.2bn in the same period last year.
Stock underwriting fees fell by around 20%.
The group private equity arm, JPMorgan Partners, lost $248m, predominantly due to an investment in Triton PCS Holdings. The equity arm saw $300m wiped off the value of its holding in PCS in the quarter.
Profit from corporate lending and securities businesses fell by 27%.
Trading revenues fell 19% to $1.7bn in the period.
Revenues from retail banking rose 18% to $526m.
The bank made a further provision of $60m in respect of exposure to Argentina.
JP Morgan Profit Fall
Second largest US bank, JP Morgan Chase & Co., advised profits fell for the eighth quarter after a reduction in securities fees and losses from an equity investment in a mobile phone company.
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