Citigroup bank analyst Keith Horowitz and his team have cut their price targets and second quarter earnings estimates for Wall Street’s biggest banks. 

This downgrade stems from a downturn they have seen in fixed-income trading, which was strong in the first quarter but reversed in the second quarter.

This slowdown stems from signs of slower growth in the U.S. and the global economy, rising concerns over Europe, wider credit spreads, a risk-off flight to quality, and declining equity and commodity prices.

Source: Business Insider