Wall Street stars

TWO Wall Street banks reported better than expected quarterly figures after cost cutting, asset sales and a fall in legal costs boosted their performance.

Citigroup reported a massive jump in net profit to £2.3bn, up from £240m in the same quarter a year ago. JPMorgan Chase’s net profit for its fourth quarter rose 10.2pc to £3.8bn, boosting its annual profit to a record £17bn. Wells Fargo, the biggest US residential mortgage lender, reported a 0.8pc fall in quarterly profit as it set aside more money to cover bad loans.