J.P. Morgan Worldwide Securities Services (WSS) net revenue was $971 million, an increase of one per cent compared with the year previous. Compared to the previous quarter, net revenue was up three per cent.
Overall, Treasury & Securities Services (TSS) net income was $250 million, a decrease of $7 million, or three per cent, from the prior year. Compared with the previous quarter, net income decreased by $55 million, or 18 per cent, primarily driven by higher Global Corporate Bank credit allocation expense and provision for credit losses.
TSS reported record deposit balances, up 28 per cent for 2011. Assets under custody came in at $16.9 trillion, up five per cent year-on-year.
Firmwide, J.P. Morgan reported net income of $3.7 billion for the fourth quarter of 2011, compared with $4.8 billion for the fourth quarter of 2010, a drop of 23 per cent.
Commenting on the results, Jamie Dimon, chairman and CEO, said, "The firm’s returns on tangible common equity for the fourth quarter of 2011 and the full year 2011 were 11 per cent and 15 per cent, respectively. We believe these returns were reasonable given the environment, although the return for the fourth quarter was modestly disappointing."
