The Poor Banks


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JP Morgan is the first US bank to report fourth-quarter results

Wall Street bank JP Morgan Chase has reported profits of $3.3bn (£2bn) for the last three months of 2009.

That compares with the $702m profits reported last year, at the height of the financial crisis.

Net revenues for the quarter totalled $25.2bn - higher than a year ago but below the previous quarter's.

Total profits for the year were $11.7bn, the bank said, up from the $5.6bn it made in 2008, with $6.8bn made from investment banking alone.

The bank paid a total of $26.9bn in pay and bonuses over the year, with investment bankers earning a total of $9.3bn.

Jamie Dimon, JP Morgan's chairman and chief executive, said he was pleased with the bank's performance, but said it could perform better.

"Though these results showed improvement, we acknowledge that they fell short of both an adequate return on capital and the firm's earnings potential," he said.

Other major US banks including Morgan Stanley and Citigroup are due to report results from Monday.