JPMorgan Blames Third Quarter Loss On Legal Costs

The bank reported a Q3 net loss of $380 million.

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JPMorgan Chase reported a third quarter net loss of $380 million Friday, resulting in a net loss of 17 cents a share.

“While we had strong underlying performance across business, unfortunately, the quarter was marred by large legal expense,” which added up to $9.2 billion, chief executive Jamie Dimon said in a statement.

The bank is negotiating with the Justice Department regarding a mortgage practices investigation and also paid $1 billion in September to resolve investigations from the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau into its credit cards business and a multi-billion dollar May trading loss.

[New York Times]

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