(New York)

If you hold bank shares, now might be a good time to pay attention. JP Morgan just put out a warning yesterday, and it is the type that seems likely to be representative of the whole industry. The bank warned of a “high teens” percentage fall in trading revenue. Most analysts have been expecting much more modest falls of around 3%.

FINSUM: Trading revenue falls tend to sweep across the big banks all at once as they are all subject to the same market conditions and underlying investor sentiment.