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Legal costs drag down JP Morgan results

January, 15 2014

The US's largest bank, by assets, has published results which are, yet again, pulled down by having to make provision for legal costs.

Provision of legal costs have again pulled down JP Morgan's results Rambleon

The legal provision has been increased by another US$1.1bn to cover likely costs for its role in relation to the Bernard Madoff ponzi scheme. The bank did not alert regulators to suspicions voiced internally about the conduct of Bernmard Madoff and his associates. Jamie Dimon, chief executive, said: 'It was in the best interests of our company and shareholders for us to accept responsibility, resolve these issues and move forward.' Source: Financial Times

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Legal costs drag down JP Morgan results

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