The Irish unit of US investment bank JP Morgan made after-tax losses of $8.6 million (€5.76 million) in 2008, a year it called “the most challenging year the industry as a whole has ever faced”.

In accounts filed at the Companies Office, the directors of JP Morgan Bank (Ireland) said 2009 was “equally challenging”, but the company had the infrastructure and client base to overcome the difficulties.

Assets under management at the Irish-incorporated unit fell 12 per cent to $210 billion, while asset-based fee revenue fell 13 per cent to $29.8 million. The operating loss for the year was $10.9 million, compared to a profit of $14 million in 2007. The firm made an actuarial loss of $468 million on its pension scheme during the year.

Loans and advances to customers fell sharply from $90 million in 2007 to $9 million last year.