Bloomberg News reports that net income decreased to $976m.
CEO Brady Dougan last year split up divisions into businesses that he wants to keep and those that he plans to sell or run down. Earnings in the quarter suffered from a decline in revenue from debt trading that also weighed on profit at JPMorgan.
'The environment in the quarter was generally difficult with little activity from clients', said Andreas Venditti, a Zurich-based analyst at Vontobel. 'Fixed-income had a bad quarter'.
The investment bank posted a 36% percent drop in pretax profit to $939.4m, while the private banking and wealth management unit, which encompasses all other businesses, saw earnings rise 15% to $1.15bn.
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