U.S. firms are still on pace for a record $1.25 trillion of repurchases this year.
The S&P 500 Index has fallen 25% in a little more than nine months since its January peak.
The firm is exploring radical cuts to its volatile investment bank.
The Swiss bank should pivot away from investment banking and focus on wealth management, he wrote.
The market still faces multiple headwinds for the remainder of the year.
The S&P 500 Index is close to testing its 200-week moving average.
Some strategists think sentiment has hit rock bottom and that a rally may be near.
Investors are concerned that aggressive tightening by the Federal Reserve will erode economic growth.
Revenue declines won't be as bad as the market anticipates, the firm's analysts said.
The firm's analysts base their view on an index they say has been 100% accurate outside of recessions for the past 30 years.
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