The chief executives of two Wall Street banks struck less than bullish tones on second quarter trading activity Wednesday, with Bank of America's Brian Moynihan telling analysts that further cuts to the bank’s markets business could lie ahead.

Speaking at an analyst conference in New York hosted by Bernstein Research, Moynihan, chief executive of the Charlotte, North Carolina-based bank, said markets performance was likely to be "flattish to down a little bit" year-on-year, though one month remains in the quarter.