JP Morgan's asset management division provided no income cushion at all for the bank in the second quarter; with net profits dropping by 11%.

JP Morgan Asset Management brought in $391m, 11% less than in the second quarter of 2011. The bank blamed this on generally lower market levels, and the fact that fewer of its funds are outperforming in turbulent conditions, leading to less in performance fees. Revenues were hit hardest in the manager's institutional business.