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JP Morgan in profit drop

Investment banking giant JP Morgan Chase has posted a 16% drop in profits after a year of record fines that included its Madoff ponzi scheme settlement and London Whale trading scandal.

The US group said net income declined to $17.9  billion (£10.9bn) in 2013 but, but added that pay and bonuses rose 1% to $30.8bn in 2013.

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