JP Morgan sees its profit decline

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JP Morgan Chase has reported a profit of $702m (£481m) for the fourth quarter of 2008, down from $3bn a year earlier.

Its chief executive Jamie Dimon said the results were "very disappointing".

He said it had been driven by a loss in investment banking largely attributable to "continued markdowns on leveraged loans and mortgage trading positions".

JP Morgan bought most of the assets of failed lender Washington Mutual for $1.9bn last year. It also bought struggling Bear Stearns last May.

JP Morgan had initially been seen to be weathering the credit crunch better than its peers.