The legal provision is, however, just half of the US$990m that the bank put aside in this area three months ago. Marianne Lake, the bank's chief financial officer, said that the Bank is in discussions with the Justice Department in the US and hopes to make 'an acceptable resolution over the coming weeks'. The discussions relate to the Department investigations into the rigging of the foreign exchange markets.
Possible upturn
The relatively good news from JP Morgan may herald an upturn for banks in general. Citigroup, Bank of America, Goldman Sachs and Morgan Stanley are are reporting Q1 results in the next few days. Source: Financial Times
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