JP Morgan profit drops but beats forecasts

JPMorgan Chase & Co's first-quarter profit fell three per cent as recent recoveries in trading and deal-making failed to lift investment banking revenue to earlier levels. But results still beat Wall Street expectations.

The biggest US bank by assets said on Friday that net income was $5.4bn (£3.3bn), or $1.31 a share, compared with $5.6bn (£3.5bn), or $1.28 a share a year earlier.