Heavy losses in its private equity business and exposure to Enron and Argentina helped push JP Morgan Chase's profits down 70% in 2001 and contributed to a fourth quarter loss.

JP Morgan Chase reported net income for 2001 of $1.69bn (€1.9bn), down from $5.73bn. Within that severe decline was a $1.2bn loss in JP Morgan Partners, its private equity business that had made a profit of just under $1bn in 2000.