JP Morgan profits drop 7.3%

JPMorgan Chase’s quarterly profit fell 7.3 per cent on $2.6 billion of settlements tied to Bernard Madoff’s Ponzi scheme as rising legal costs ended the firm’s three-year streak of record annual earnings.

15th January, 2014

JPMorgan Chase’s quarterly profit fell 7.3 per cent on $2.6 billion of settlements tied to Bernard Madoff’s Ponzi scheme as rising legal costs ended the firm’s three-year streak of record annual earnings.

Fourth-quarter net income declined to $5.28 billion, or $1.30 a share, from $5.69 billion, or $1.39, a year earlier, according to a statement from New York-based JPMorgan, the biggest US bank. Results excluding the Madoff settlement and other one-time...

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