JP Morgan, the investment banking arm of JP Morgan Chase, reported a 25% drop in revenues compared with the previous quarter but the bank at large enjoyed a strong quarter compared with last year.

JP Morgan's operating revenues were $3.2bn (€2.7bn) versus $4.25bn three months earlier and $2.48bn a year ago. Earnings of $922bn compared with $1.09bn in the previous quarter and a loss of $255m a year ago. The investment bank and JP Morgan Chase as a whole easily beat earnings and revenue year-on-year, due to merger and restructuring costs 12 months ago.