Chase said its fourth-quarter earnings declined by 5.7 per cent as the bank lost money in trading. Citicorp said fourth-quarter profit from operations rose 7.5 per cent, exceeding analysts' expectations.
Three of America's largest banks, JP Morgan, Citicorp and Chase Manhattan, yesterday revealed that slowing economies and plunging financial markets in Asia hurt their fourth-quarter profits. JP Morgan suffered the largest blow from Asia, as earnings fell 35 per cent. Market slumps in the region caused losses in the bank's derivatives business, and about $587m (pounds 460m) of assets were "non-performing".