Citigroup, JP Morgan Chase, Bank of America and Merrill Lynch all reported significant year-on-year losses across a range of product segments, as tough market conditions took their toll even on Wall Street's biggest players.

JP Morgan Chase reported operating income of $1.43bn (€1.6bn), down from $1.99bn a year ago. Citigroup said that core income fell to $3.66bn from $3.94bn in the same period. BoA reported first-quarter profit of $1.87bn from $2.24bn in 2000's first quarter. Merrill Lynch netted $874m, compared with $1.1bn in the same period last year.