JPMorgan warning hits the big banks

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

A check of the global banks finds the group pacing market declines in morning action after Friday night's warning on Q2 trading revenue from JPMorgan (JPM -2.2%).

Nomura's Steven Chubak is first out with lower JPMorgan earnings estimates.

Jim Cramer sums up sentiment: "This has been a house of pain. You can't own these right now. You just can't."

Morgan Stanley (MS -1.9%), Goldman Sachs (GS -1.5%), Citigroup (C -1.2%), and Bank of America (BAC -1%), Deutsche Bank (DB -1.2%). Far less trading dependent than the other Too Big Too Fails is Wells Fargo (WFC -0.2%).

The iShares DJ U.S. Broker-Dealer ETF (IAI -1.2%)

XLF -0.7%, KBE -0.8%

ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, IAI, SEF, IYG, PFI, FXO, FNCL, KBWB, FINU, KCE, RWW, RYF, PSCF, FINZ, KBWC