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It is worse than anyone thought on Wall Street

Daniel Pinto, CEO of JPMorgan’s corporate and investment bank, just made a gloomy prediction for Wall Street.

He said that the firm’s investment-banking revenues are forecast to be down 25% in the first quarter.

Markets revenues are down 20% year-on-year, Pinto said, speaking at JPMorgan’s Investor Day conference.

Importantly, Pinto noted, the start to 2015 is a tough comparison period for markets revenues because the division saw an increase in flows during that period after the Swiss National Bank decided to unpeg the franc.

JPMorgan topped league tables in 2015 in terms of global revenue. Elsewhere in the same presentation, the firm said that its market business had outperformed those of its rivals over the past few years.

So when JPMorgan has a tough start to the year, the rest of Wall Street likely will, too.

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