at an industry conference this week they telegraphed that markets calmed in the secondquarter compared with the topsyturvy markets a year ago leading to cooldown in both fixed income and equities goldman sachs projected that trading will be down about 25 from a year ago our clients are kind of sitting a bit more in their hands right now said john waldron the banks chief operating officer on thursday morgan stanley copresident andy saperstein said wednesday that trading would be notably down from a year ago and that investment banking would also struggle as an industry weve been in a sustained trough since last year he said bank of america suggested thursday it would buck the trend and post a relatively flat quarter in sales and trading ceo brian moynihan attributed that to a multiyear investment the bank made in growing the business jpmorgan chase the biggest us bank is scheduled to present at the conference on friday