It’s going to be a tough year for big banks, especially for those that operate globally, says Eric Schatzker, anchor and journalist for Bloomberg, in a recent video.

He also predicts it will be very difficult for U.S. banks to generate revenue growth, as was the case in 2015. “The question is, without quantitative easing and extraordinary stimulus, will the conditions be even tougher? Years out, if the [U.S.] economy manages to get its momentum up, then the yield curve will steepen and just on the basis of lending alone, these banks will make more money.”

But, he cautions, “There’s no guarantee that this will be the case in 2016.”

For more on his outlook for banks, watch the video below.

Also read:

Batten down the hatches for 2016

Prepare for rocky markets in 2016

Timing volatility doesn’t work

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