Profits from investment banking at JP Morgan fell nearly 70% in the second quarter despite the division recording its second highest quarterly fee haul as the bank said the acquisition of Bear Stearns was a drag on the unit's results in June.
JP Morgan blamed the fall in investment banking profits from $1.2bn (â¬757bn) last year to $394m, on a $1.1bn markdown on its leveraged loan and mortgage-related holdings as well as a $540m loss from its purchase of Bear Stearns.
