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Bumper year for JP Morgan Chase

JP Morgan Chase, which last week unveiled plans to buy Bank One in the US for $58bn (€46bn), unveiled after-tax profits of $6.72bn for the full year, driven by record earnings of $3.7bn in investment banking.

Annual profits at JP Morgan Chase came in at 304% ahead of last year's $1.66bn, when the bank took a $1.3bn one-off charge for litigation reserves.

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