Although JP Morgan Chasebeat analysts estimates this morning, the details of the latest quarterly report are bad news for Wall Street.
JP Morgan Chase is a leader in global investment banking, with 7.7 percent market share. In the last quarter, however, profits dropped by one-third and revenues were down 29 percent.
If JP Morgan is suffering, you can bet its Wall Street rivals are too. That means business has almost certainly dropped off for Goldman Sachs and Morgan Stanley, for instance.
Much of the decline is attributed to a "decline in trading activity," which could mean that Bank of America — which owns Merrill Lynch — will also take a hit to profits.