Markets revenues at JPMorgan are likely to be down by more than 10% in the first quarter as the trading boom that supported bank revenues throughout the pandemic looks set to wane.

"From where we sit today, our expectation is that markets revenues will be down by a little more than 10%," Jeremy Barnum, chief financial officer of JPMorgan, said at an industry conference. "That is actually better than expected, so we feel pretty good."