"Based on Markets revenue results to date, which reflect a continued challenging environment and lower client activity levels, expect 2Q14 Markets revenue to be down approximately 20%+/- versus 2Q13. The Markets revenue actual results will depend heavily on performance throughout the remainder of the quarter, which can be volatile," the firm stated in its 10-Q filing for the first quarter, which was released Friday after the market closed.
Shares, which closed 0.25% lower at $55.58 were down 1.31% in after hours trading.
The bank also stated higher interest rates would continue to hurt its mortgage business. It forecast "pretax production loss of approximately $100-$150 million in 2Q14" and negative pretax margins for the second half of 2014.