JPMorgan shares (NYSE:) fell roughly 2% following a report by Wall Street Bank that the bank’s investment banking revenues were lower than expected.

JPMorgan reported Q1 revenues of $2.63. That’s down from $4.50 over the same period last year, and is below consensus estimates of $2.72/share. Adjusted revenue came in at $31.59 billion, down 4.6% YoY and beating the consensus projection of $31.44 billion.

In the third quarter of 2018, the bank recorded $1.07 trillion in loan volume, an increase of 6.1% YoY. This is almost the same as the $1.08 trillion expected. The bank’s total deposits reached $2.56 trillion. This is 12% more than the analyst expected of $2.45 trillion. Tentative projections of $10.98 Billion for compensation expense were not achieved. Compensation expenses were reported as $10.79Billion.

The 13% rate of return on equity was higher than the 12.5% estimate. One-sixth of the anticipated 15.7% was returned on tangible common stock, which is higher than expected. JPMorgan had assets under management at $2.96 Trillion, which was also lower than the consensus estimate of $3.07 Trillion.

In the future, JPM anticipates adjusted expenses for 2022 of approximately $77 billion. JPM projects net income interest (NII), which excludes markets exceeding $53billion, to be $77 billion more than the 50 billion projection.

JPMorgan confirmed that a $30 billion share repurchase program will be in effect starting May 1st.

Results also reflect $524 million losses “within Credit Adjustments & Other in CIB driven by funding spread widening as well as credit valuation adjustments relating to both increases in commodities exposures and markdowns of derivatives receivables from Russia-associated counterparties ($0.13 decrease in EPS),” the bank said.

Richard Ramsden from Goldman Sachs was quoted as saying:

“We estimate that the core ROTCE came in at 18.5% for the quarter versus our expectations of 16.2%. All in, we believe that the market will see these results as broadly in-line, with stronger trading results, NII and the margin, but significantly more pressure on capital ratios, which should weigh on capital return,” Ramsden wrote in a memo.

Seaport analyst Jim Mitchell says that shares are down on “negative implications for the buyback and more cautious view on the macro outlook.”

By Senad Karaahmetovic