We've noted that the second quarter doesn't look like it will be nearly as profitable for big banks as compared to the first. The big reason: the capital market gods giveth and they taketh.

The latest firm to put some numbers to this is Goldman Sachs (NYSE: GS). Analysts at the firm say the month of May was particularly tough for traders. Results from commodities, fixed income and equity trading as well as core investment banking are all being pressured. This reflects heightened competition and narrower spreads.

Capital markets pre-tax profits overall are expected to drop 40 percent from the stellar first quarter. According to Forbes, the analysts expect big banks to take $1.8 billion in charges collectively to pay for the British bonus tax, while low interest rates are cutting into lending profits.

Goldman cut earnings estimates for Morgan Stanley, Bank of America, JPMorgan Chase and Citigroup by an average of 15 percent. Morgan Stanley and Bank of America will take bigger hits, dropping 25 percent and 20 percent, respectively. Estimates for JPMorgan and Citi were both cut 10 percent.

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