"While this is a warning shot for the entire industry and we expect some conservatism to have been considered in this outlook, JPM was a crowd favorite heading into earnings.Chief Executive Jamie Dimon said on a conference call that there was more competition for deposits as higher rates was causing customers to migrate to investments and other cash alternatives meaning the bank was "going to have to change saving rates."JPMorgan's investment banking unit continued its poor run in the quarter, with revenue down 57% as corporate executives battened down the hatches to prepare for a potential recession instead of spending on deals.JPMorgan Chief Financial Officer Jeremy Barnum said one of the necessary conditions for people to do deals is getting "comfortable" with valuations, which fell last year, and that could help in 2023 despite a weak economic outlook.While fixed-income markets trading revenue was up 12%, equity trading revenue was relatively flat, the bank said."