Trading revenue included a $900 million gain from the decline in the value of its debt(debt valuation adjustment or DVA gains). Excluding those gains, the investment banking division reported a 14% decline in fixed income, currency and commodities trading revenue and a 15% decline in equities market revenue over the year-ago quarter. >> JPMorgan Investment Bank Avoids Crisis, For Now "The Investment Bank's revenue, excluding the DVA gain, was down substantially; however, we are gratified that the business maintained its #1 ranking in Global Investment Banking Fees, and we believe that we have maintained a healthy share of the global sales and trading market," JPMorgan CEO Jamie Dimon said, adding that retail financial services and commercial banking businesses showed strength. Still, he sounded a cautious note, given the uncertainties in Europe and the U.S. "Our shareholders should rest assured that we are being extremely cautious while navigating through this challenging economic environment. We are working hard to meet all of the requirements of the new and complex regulatory environment, and we continue to invest in the future while remaining focused on serving our clients and communities around the world," Dimon said in a statement. There were some bright spots in the third quarter performance including very strong trends in loan growth. Small business lending soared 71% to $12.6 billion over the previous year. Middle market loans grew 18% to $41.5 billion over the previous year. Trade finance loans jumped 69% to $30.1 billion, helped by international demand. Consumer and business banking revenue rose 6% overall on a year-on-year basis. Credit card sales volume was up 10%. "Small business lending is up 71%. Booming number. Shocking number," said Dimon. "I think it has to do with partly with gaining market share." But he also said it was reflective of underlying demand. "You might have expected some pullback in August and September after the debt downgrade but you don't see it in the numbers," said Dimon, commenting on the improvements in loan growth and a better-than-expected jobs report. "People aren't over-reacting." He added that commercial banking strength had been particularly strong and took it as an indication that businesses are expanding.