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Morgan's trading revenue is on track to fall well short of the $920 million it hauled in last quarter.

The loss will cut the bank's fourth-quarter trading revenue by $40 million after taxes, the bank said.

Yet in this business, Citicorp's trading revenue was higher than the two others combined.

The company reported increased trading revenues, to $245 million, from $188 million in the 1989 third quarter.

That would surpass the total trading revenue of all but three American banks.

"And we expect to drive more trading revenue as a result of that."

Fixed-income trading revenue increased 77 percent, to $2 billion after a particularly bad quarter in 2005.

Analysts said that was a significant drop from average monthly trading revenues of about $200 million.

From 2001 to 2006, Goldman's trading revenue surged 168 percent.

But the drop was offset by healthy trading revenues and lower pay to employees.