23% drop in profits at JP Morgan Chase

JP MORGAN Chase has kicked off the bank reporting season by unveiling a 23 per cent fall in fourth-quarter earnings.

This was in line with Wall Street expectations, as the European debt crisis depressed trading and corporate deal-making.

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However, chief executive Jamie Dimon said loan demand was improving. “As the economy continues to recover, we are gratified to see signs of improvement in loan demand and credit quality,” he said.

Net income was $3.72 billion (£2.43bn), or 90 cents a share, down from $4.83bn, or $1.12 a share, a year earlier.