JP Morgan reports lower profits

JPMorgan Chase & Co reported lower fourth-quarter earnings down 23 per cent as the European debt crisis weighed on trading and corporate deal-making.

The first major Us bank to announce results for the period, JPMorgan said net income was $3.72bn (£2.43bn), or 90 cents a share, compared with $4.83bn, or $1.12 a share, a year earlier.

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 in a statement.