Friday, January 15, 2010

JP Morgan Chase reports $3.3bn profits

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 $6.9bn 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.

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