Just three out of 10 of the largest investment banks increased commodities revenues last year, according to a JP Morgan report, as new regulations and higher capital requirements dragged on earnings.

Goldman Sachs, Morgan Stanley, Macquarie Group, Deutsche Bank, Barclays, Standard Chartered, Credit Suisse, RBC Capital Markets, BNP Paribas and UBS shared total commodities trading revenues of $6.74bn last year, down from $7.04bn during the previous 12 months. Of these, only Macquarie, Barclays and RBC saw figures increase.