JPMorgan CFO sees Q1 banking revenue to be down about 20%

While speaking at the Credit Suisse Financial Services Forum, JPMorgan CFO Jeremy Barnum said: "So as of right now, remembering that last year’s first quarter was particularly strong, we’re expecting banking revenue to be down about 20% this quarter. So we’ll see how it goes, but that’s what it looks like to us right now. On the market side, last year’s first quarter was also exceptionally strong. So we would be thrilled if we could duplicate last year’s first quarter performance. And the quarter is starting out relatively strong. But as we sit here today, our central case is to probably come in a little bit worse than last year. But obviously, we’re not even halfway through the quarter yet, so a lot of uncertainty out there and mostly how it goes."