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| JP Morgan reports $3.3bn profits | JP Morgan reports $3.3bn profits |
| (10 minutes later) | |
| Wall Street bank JP Morgan Chase has reported profits of $3.3bn (£2bn) for the last three months of 2009. | 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. | 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. | 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 $6.8bn made from investment banking alone. | Total profits for the year were $11.7bn, the bank said, up from the $5.6bn it made in 2008, with $6.8bn 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. | The bank paid a total of $26.9bn in pay and bonuses over the year, with investment bankers earning a total of $9.3bn. |
| 'Healthy and vibrant' | 'Healthy and vibrant' |
| Jamie Dimon, JP Morgan's chairman and chief executive, said he was pleased with the bank's performance, but said it could perform better. | Jamie Dimon, JP Morgan's chairman and chief executive, said he was pleased with the bank's performance, but said it could perform better. |
| "Though these results showed improvement, we acknowledge that they fell short of both an adequate return on capital and the firm's earnings potential," he said. | "Though these results showed improvement, we acknowledge that they fell short of both an adequate return on capital and the firm's earnings potential," he said. |
| Mr Dimon also praised staff for helping to protect the bank in its recovery from the banking crisis and "keep it healthy and vibrant". | Mr Dimon also praised staff for helping to protect the bank in its recovery from the banking crisis and "keep it healthy and vibrant". |
| Other major US banks, including Morgan Stanley, Goldman Sachs and Citigroup, are due to report results from Monday. | |
| The results follow US President Barack Obama's announcement on Thursday of plans to claw back nearly $120bn from US banks to pay back bank bail-out costs. | The results follow US President Barack Obama's announcement on Thursday of plans to claw back nearly $120bn from US banks to pay back bank bail-out costs. |
| "If these companies are in good enough shape to afford massive bonuses, they are surely in good enough shape to afford paying back every penny to taxpayers," President Obama said. | |
| JP Morgan received $25bn of funds from the government's bailout fund, known as the Troubled Asset Relief Programme (Tarp), but repaid it in full in June last year. | JP Morgan received $25bn of funds from the government's bailout fund, known as the Troubled Asset Relief Programme (Tarp), but repaid it in full in June last year. |
| Unlike many of its rivals, the bank did not report a quarterly loss during the financial crisis. It also benefited from a relatively low exposure to the US sub-prime mortgage market before the credit crunch began. |