Thus, both deal volume and total value witnessed a decline during the first quarter. Nevertheless, JPMorgan's leadership in the space is likely to have offered some support to advisory fees. Given the above-mentioned concerns, equity market performance was disappointing and thus, the IPOs and follow-up equity issuances dried up. On the other hand, bond issuances are likely to have been decent. JPMorgan's underwriting fees (accounting for almost 60% of total IB fees) are expected to have been hurt during the March quarter.