jpmorgan(Reuters) – JPMorgan Chase & Co’s (JPM.N) fourth-quarter earnings fell 23 percent, in line with Wall Street expectations, as the European debt crisis depressed trading and corporate deal-making.

However, Chief Executive Jamie Dimon said loan demand was improving. “As the economy continues to recover, we are gratified to see signs of improvement in loan demand and credit quality,” he said in a statement on Friday.

JPMorgan, the first major U.S. bank to announce results for the period, said net income was $3.72 billion, or 90 cents a share, down from $4.83 billion, or $1.12 a share, a year earlier.

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