Client activity is down this quarter at JPMorgan Chase & Co.'s investment bank, though it is too early to determine if the slowing will affect second-quarter results, the unit's chief executive said.

"People are a little more wary and that could have an impact on Q2," the CEO, Jes Staley, said on the sidelines of a banking conference Friday in Vienna.

Staley said it was too soon to calculate the impact of pending derivatives regulation on JPMorgan Chase, a global leader in the derivatives business. The revenue hit that could result from moving to a central clearing model for derivatives could be more than offset by freeing up more bank capital, he said.

"It's very hard to hypothesize what the economic impact is," from regulation, but derivatives "will continue to be a very important business," he said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.