The bank's profits are the highest since the financial crisis - up to $2.31 for Q1 from $1.45b for Q1 in 2014. In March this year it announced that it expects to be sued by US Attorney General Eric Holder over its activity in the mortgage-backed bonds sector. Finance director Ruth Porat said that legal expenses added to the costs posted for Q1.

Change in tone

But both Morgan Stanley and JP Morgan have now both managed to bring good news through their results announcements - despite the legal provisions. This marks a change in tone and in the figures revealed from the heavier news delivered quarter after quarter last year and in the last few years. Source: The State Journal