JPMorgan Chase (JPM) on Monday said it expects its Q2 investment banking fees to decline around mid-teens year on year.

Troy Rohrbaugh, co-chief executive officer of JPMorgan's commercial and investment bank, announced the forecast during the company's investor day.

"We're in a challenging environment with potential downward pressures on investment banking wallet, acute competition, and the increasing war for talent," he said. "But we will continue to expand our client franchise through our targeted growth initiatives."

Rohrbaugh said the markets segment saw a "strong start" to Q2 and was expected as of Monday to post a growth of mid- to high-single digits year on year.

"For both markets and investment banking, we're operating in a very uncertain market, uncertain environment, which makes forecasting quite difficult," said Rohrbaugh.