The six biggest U.S. banks, including JPMorgan Chase (JPM) – Get Report and Wells Fargo (WFC) – Get Report, are scheduled to report second-quarter earnings next month, and the results aren’t expected to be pretty.
The six behemoths will produce a combined revenue decline of about 5% in the quarter compared with a year earlier, analysts surveyed by Bloomberg estimate.
The No. 1 problem will be trading revenue, which analysts estimate dropped 28% in the quarter for the top investment banks, Bloomberg reports.
