And so the worst quarterly earnings season since the financial crisis (at least until the catastrophic Q2 earnings) is off, when moments ago JPMorgan reported that it missed expectations, with earnings plunging from a year ago, reporting Q1 adjusted revenue of $29.07 billion, which was -2.6% y/y, and missed the estimate of $29.52 billion, while Q1 EPS was 78c, down 71% from the $2.65 reported a year ago.

Breaking these down, net interest income was $14.5 billion, flat versus the prior-year, with the impact of lower rates offset by balance sheet growth and mix as well as higher net interest income in CIB Markets. Noninterest revenue was $14.5 billion, down 5%, and included a $951 million loss in Credit Adjustments & Other in CIB driven by what the bank said was "funding spread widening on derivatives and $896 million of markdowns on held-for-sale positions in the bridge book". Noninterest expense was $16.9 billion, up 3%, driven by higher volume- and revenue-related expense and investments, as well as higher legal expense, partially offset by lower structural expense.