Profit dropped 36% to $2.92 billion, or $1.33 per share. Analysts had expected $1.31.
Revenue slipped 1% to $19.44 billion. Analysts had expected $19.34 billion.
In the institutional clients group, which includes investment banking and trading, revenue fell 9% to $10.44 billion.
Trading revenue fell 13%, with fixed-income trading down 13% and equities down 10%.
In investment banking, which includes fees from mergers and selling corporate stock and debt, revenue plunged 24% to $612 million.
Its business that banks big companies around the world and helps them move money continued to benefit from increased interest rates and money flows, with revenue up 15% to $3.5 billion.
In the consumer bank and wealth management unit, revenue rose 6% to $6.4 billion.