JPMorgan reported a 17% drop in third-quarter profit to $9.74 billion, although that was less than had been feared.
Banks set aside more money in preparation for a hit from a potential economic slowdown.
While investment banking and investment management were impacted by the market environment, he said fixed income and equity divisions "navigated challenging markets well."
Morgan Stanley's earnings showed that investment banking revenue more than halved to $1.23 billion with declines across the bank's advisory, equity and fixed income segments.
Corporations' interest in mergers, acquisitions and initial public offerings dried up, particularly hitting banks strong in investment banking.