JP Morgan rebounds from 'London Whale' losses to post $5.7bn profit The CIO and treasury operations, together with private equity, turned a $645m loss a year ago, and a $1.78bn loss the previous quarter, into a $221m gain in the most recent quarter. Revenue from mortgages was $1.8bn, up 36pc from a year earlier, excluding losses for buying back bad mortgage loans sold in the past to investors. US banks have been enjoying a surge in demand from homeowners to refinance mortgage loans at lower interest rates. Jamie Dimon, the chief executive, said he saw improvements in most areas of business, adding that the bank believes the US housing market "has turned the corner" allowing it to cut its mortgage-related loss reserves by $900m. "These results reflected continued momentum in all our businesses," he said. However, as 2012 enters its final quarter, the problems dogging America's largest banks shows little sign of easing.