Wall Street consensus projects Goldman Sachs’s quarterly earnings per share to fall by roughly 8% year-over-year, driven by a 5% drop in total revenues to an estimated $10.8 billion. Of 25 analysts polled, 18 have reduced their full-year earnings estimates in the past month, citing ongoing margin pressure and reduced volatility in equity and fixed-income markets.

Fixed-income trading revenues are expected to decline by approximately 12% compared with the same quarter last year, according to broker estimates. Equities trading may see a smaller fall of around 6%, reflecting subdued client activity. The bank’s treasury services unit is projected to deliver flat results, unable to offset the downturn in its more capital-intensive trading desks.

Goldman Sachs is anticipated to report a near-9% reduction in investment banking fees, with equity underwriting fees down by an estimated 14% and M&A advisory fees off by about 7%. Deal volumes in the quarter fell to their lowest level in three years, as corporate clients delayed new issuances and merger plans amid higher borrowing costs.

Goldman’s share performance has trailed major peers over the last six weeks, in part reflecting sector rotation into higher-yield financial names and concerns over expense growth. Investors will be watching the bank’s expense-to-revenue ratio, forecast to rise to 65% from 62% a year ago, as compensation and technology investments remain elevated.