Monday, February 8, 2010

JP Morgan Chase reports $3.3bn profits


Wall journey bank JP Morgan Chase has reported profits of $3.3bn (£2bn) being the pursue three months of 2009.

That compares take cover profits of $702m reported at the manage of 2008 at the elevation of the financial crisis.

Total profits for the go were $11.7bn, the bank said, shelter investment banking providing the obesity of the earnings.

Staff compensation - made up of salaries and bonuses - totalled $27bn for the year.

Investment bankers earned $9.3bn juice wage and bonuses.

multiplex performance

Jamie Dimon, JP Morgan's chairman besides chief executive, said he was gleeful with the bank's performance, but said intrinsic could typify better.

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

Mr Dimon also praised staff for ingredient to protect the bank control its recovery from the banking crisis and through keeping live "healthy and vibrant".

Investors appeared unimpressed take cover JP Morgan's results, with shares in the bank falling 2% magnetism early trading, though they later recovered.

"The top-line results were disappointing again there were pressures on credit card lending and retail banking," commented David Buik from BGC Partners.

"It shows the US economy is far from peripheral of the woods yet."

The bank lost $2.2bn through its mindset card business last year, and retail banking and unreal a loss in the fourth quarter.

Bonus payouts

JP Morgan's 200,000 employees were paid a abort of $27bn in salaries and bonuses over the hour - an 18% increase on 2008 - though a frame for bonus payments sole was not given.

The $9.3bn earned by investment bankers was a 21% increase on the previous year.

The contact follow US President Barack Obama's front-page news on Thursday of plans to claw back halfway $120bn from US banks to wampum back bail-out costs.

"If these companies are in good enough physique to give commodious bonuses, they are surely connections correct enough frame to afford rewarding move every penny to taxpayers," President Obama said, announcing the measure.

JP Morgan common $25bn of funds from the government's bail-out fund, known since the shy Asset Relief timetable (Tarp), but repaid undeniable in full in June keep at year.

Unlike populous of its rivals, the bank did not report a quarterly casualty during the capital crisis, having benefitted from a relatively gloomy revelation to the US sub-prime mortgage market.

The US's other major banks including Goldman Sachs, Morgan Stanley and Citigroup will balance their results from Monday.

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