JP Morgan saw a dramatic fall in profits from its Europe, Africa and Middle East operations in 2010, according to a report filed with US regulators this week. Analysts said that the results were partly just a reaction to exceptional figures in 2009, but the figures are still regarded as a disappointment for the London office where the Emea division is based.

Net income from JP Morgan's Emea businesses fell from $5.6bn in 2009 to $3.7bn last year, a fall of 33%, while gross revenues were down 17% to $14.1bn.