The largest lender in the U.S. reported a total markets revenue of $8.4 billion in the first quarter last year.
"Both equities and macro were relatively strong last year and the slightly worse performance relative to prior years is not particularly differentiated across asset classes," Barnum told investors at a conference in Miami.
Barnum also expects the IPO market to be a bit weaker than expected. However, the investment banking fee is expected to rise in low-to-mid teens percentage in the first quarter.
JPMorgan CEO Jamie Dimon on Monday said market sentiment is improving for equities, mergers and acquisitions but maintained a cautious tone about the economic outlook.
(Reporting by Nupur Anand and Lananh Nguyen in New York; Editing by Franklin Paul and Nick Zieminski)
