"We all would anticipate greater loan growth if there was a bit more clarity as far as you know when or if tax reform was going to pass", Gersprach said.
JPMorgan Chase reported third-quarter earnings and revenue that beat analyst expectations.
Revenue of $25.3 billion was in line with the consensus estimate.
The Dow fell as declines in shares of Walt Disney and those of Nike, recently down 1.5 percent and 1.1 percent respectively, outweighed gains in shares of Microsoft and those of United Technologies, recently up 0.9 percent and 0.8 percent respectively.
Wall Street banks have been grappling with bond market challenges for most of the past seven years, as client volumes have been depressed for a number of reasons and new regulations have restricted certain activities and made trading more expensive.
Anadarko Petroleum Corporation (NYSE:APC) Under Analyst Spotlight
On July 25 Bank of America maintained a stock rating of "Buy" but moved down the price target to $80.00 from $135.00. Chilton Capital Management Llc increased Anadarko Pete Corp (APC) stake by 146.62% reported in 2017Q2 SEC filing.
TCS Beats Expectations, Net Profit Jumps To Rs 6,446 Crore In Q2
On an year on year basis, the company said all industry verticals with the exception of BFSI and retail grew above 9.5 per cent. The company added that North America grew by just 1.4 per cent with continued softness in banking and retail.
Royal Mail wins injunction against CWU strikes
As previously reported, the CWU members have voted for industrial action, with a 48-hour walkout scheduled to start on 19 October. General Secretary Dave Ward said: "The company are deluded if they believe their court room politics will resolve this dispute.
While Citi's trading desks focus heavily on bond and currency trading, it was the bank's other trading desks that stood out.
Bank of America Corp and Wells Fargo & Co, the second- and third-biggest USA banks by assets, are due to report results on Friday.
In a statement, Citigroup CEO Michael Corbat said the bank had "a very solid quarter" across Citi's businesses. Citigroup's shares have had a strong run-up this year, climbing 26 percent partly due to its share buyback plan. Total consumer net profit fell 6 percent with income in its core North American market down 16 percent as provisions for bad debts rose.
Shares of JPMorgan Chase traded 0.8 percent weaker as of 2.35pm in NY, while those of Citigroup were 2.5 percent lower, even as both banks beat analysts' expectations. The branded cards business has seen loss rates rise as some customers who the bank has added in recent years during a growth push have missed payments.
Citigroup said it earned $4.13 billion, or $1.42 per share, compared with a profit of $3.84 billion, or $1.24 per share, in the same period a year earlier.
Historically, this earnings season has been the best one for investors.