JPMorgan Chase reports $380m loss on legal expenses

GMT 12:52 2013 Friday ,11 October

Arab Today, arab today JPMorgan Chase reports $380m loss on legal expenses

Arab Today

US banking giant JPMorgan Chase Friday reported a rare quarterly loss due to high legal costs, even as its underlying business produced results that bested expectations. The bank, the nation's largest by assets, reported a net loss of $380 million on revenues of $23.12 billion, due in large part to a $9.15 billion charge for legal expenses following a series of high-profile regulatory problems. However, when the special items were stripped away, the bank earned $1.42 per share, 21 cents above expectations.

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