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October 11, 2013

JPMorgan Reported Third-Quarter Loss on Legal Costs

“JPMorgan Chase, the nation’s largest bank, reported a third-quarter net loss of $380 million on Friday as it continued to grapple with a raft of regulatory and legal woes.

The added costs dragged down JPMorgan’s results as the bank posted a net loss of 17 cents a share. JPMorgan’s earnings were eroded, in large part, by a legal expense of $9.2 billion.

“’While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense,’ Jamie Dimon, the bank’s chief executive, said in a statement.

The third-quarter earnings report came as JPMorgan is enmeshed in protracted negotiations with the Justice Department to resolve investigations of questionable mortgage practices.”

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Read full New York Times article here

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