JP Morgan today became the second bank in two days to report record profits from fixed income and equity underwriting in the second quarter - and hike pay in the process - but the business was not sufficiently strong to match Goldman's feat of recording higher overall investment banking revenues in the past three months.

Compensation, one of the most closely-watched factors in this season of earnings, fell to 37% of overall revenue, down from 57% a year ago and 40% during the first three months of the year.