NEW YORK (CNN/Money) - J.P. Morgan Chase & Co. and Merrill Lynch both posted lower first-quarter earnings than a year ago, although they beat Wall Street expectations. Bank of New York's earnings also tumbled, missing expectations.

Merrill Lynch (MER: up $0.47 to $48.82, Research, Estimates) said first quarter earnings fell to $647 million, or 67 cents a share, from $874 million, or 92 cents, a year earlier. The latest results topped analysts' estimates for 65 cents a share, according to First Call.

Total revenue fell to 20.6 percent to $5 billion from $6.4 billion a year earlier.

The brokerage, which slashed 15,000 jobs last year to cut costs amid a down economy, was hurt by declining revenue in its investment banking unit for the first quarter, with double-digit drops in underwriting and advising companies on mergers, acquisitions and other strategies.

"Although the market environment did not improve meaningfully from the fourth quarter, the targeted actions we took to re-size our businesses are having a substantial positive impact on our financial performance," Merrill CEO David Komansky and President Stanley O'Neal said in a joint statement Wednesday.

Merrill's earnings come as the brokerage is seeking to settle allegations by New York State Attorney General Eliot Spitzer that analysts recommended stocks they considered poor investments so as not to anger clients.

Separately, Morgan (JPM: up $2.13 to $37.51, Research, Estimates), the nation's No. 2 bank, earned $1.15 billion, or 57 cents a share, excluding special items. Analysts surveyed by earnings tracker First Call had a consensus forecast of 53 cents a share. A year earlier, earnings totaled $1.53 billion, or 74 cents, adjusted to reflect a change in accounting for goodwill.

Including merger and acquisition-related costs, the bank reported net income of $982 million, or 48 cents a share, down from $1.2 billion, or 58 cents, a year earlier.

Meanwhile The Bank of New York Company Inc. (BK: up $0.08 to $38.36, Research, Estimates) also reported lower first-quarter results with earnings of $362 million, or 50 cents a share, compared with earnings of $331 million, or 45 cents a share a year earlier. Analysts expected a profit of 51 cents a share, according to earnings tracker First Call.

The bank said the lower first-quarter earnings figure would impact full-year earnings, but that growth would resume as capital markets recover.