Higher provisions and compensation costs at JP Morgan's investment bank offset a record performance in equity trading and advisory work in the first quarter, dragging net profits down 36% to $850m (€693m) in Jamie Dimon's first three months as group chief executive.

Profits at JP Morgan's investment bank fell from $1.3bn in the first quarter last year on the back of higher credit loss provisions, higher performance-based compensation and the adoption of a new method of accounting for stock options. This is in line with current Financial Accounting Standards number 123.