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JP Morgan boss says US housing market has turned the corner

12 October 2012 Last updated at 16:24 BST

Jamie Dimon, chief executive of JP Morgan Chase, has said the US housing market "has turned the corner".

He said that his bank, which is the biggest in the US by assets, would be reducing the amount it sets aside to cover losses from mortgages.

Net profit came in at $5.7bn (£3.5bn), up 33% from $4.3bn in the same period last year.

Meanwhile, Wells Fargo, the biggest US mortgage lender, reported a record quarterly profit.

Brian Milligan reports.