Financial group JP Morgan Chase has tumbled into the red in the fourth quarter of 2001, blaming turmoil in Argentina and the collapse of energy titan Enron.
The Wall Street powerhouse took a net loss of $332 million in the fourth quarter, compared to a net profit of $708 million a year earlier.
Revenue slid 10 per cent to $6.841 billion.
The tough fourth quarter helped drag down the full 2001 net profit figure, which plunged 70 per cent to $1.694 billion. Revenue for the year slid eight per cent to $30.098 billion.
The past year was "challenging," said JP Morgan Chase chairman and chief executive Mr William Harrison in a statement.
"Fourth quarter results were particularly affected by our exposure to private equity investments, and to Enron and Argentina," he said.
Developments at Enron, which declared bankruptcy December 2nd, and in Argentina, which devalued its currency this month, reduced trading and other revenues by $807 million, the group said.
In addition, it increased loan loss reserves in response to the deteriorating market conditions by $510 million.
AFP