Profit Decline

https://twitter.com/anthony/status/1547576025327865858?s=21&t=EBsunH6EfJf7ljFpodmYiQ

I don't think JP Morgan is alone here
Most investment banks are going to see their deal flow dry up a bit as credit becomes costlier to access due to higher interest rates
Aside from securities trading/lending, M&A advisory brings in a decent portion of revenues for banks
Hard to keep your revenue up if less and less companies are asking you to cut deals for them.