JPMorgan Chase has filed its 10-Q for the first quarter with the Securities and Exchange Commission.
The bank sees its second quarter markets revenue (consumer and investment bank fixed income & equities) down about 20%+/- in the second quarter, the filing states via Bloomberg News.
The bank points to a “challenging environment” and lower client activity levels as the reasons for the drop.
“Based on Markets revenue results to date, which reflect a continued challenging environment and lower client activity levels, expect 2Q14 Markets revenue to be down approximately 20%+/- versus 2Q13. The Markets revenue actual results will depend heavily on performance throughout the remainder of the quarter, which can be volatile,” the filing said.
In the filing, JPMorgan also highlights a number of factors, including “strength of consumers and businesses, U.S. housing prices, unemployment rate, implied market interest rates, financial market levels and activity, the geopolitical environment, the competitive environment, client activity levels, and regulatory and legislative developments in the U.S. and other countries” affecting various lines of its business each to a different degree.
A spokesperson for JPMorgan declined to comment.
The bank’s stock was last trading down 1.17% in the after-hours session. JPMorgan’s stock closed down 14 cents, or -0.25%, to end at $US55.58 per share today.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.