As if any reminder was needed of the impact that increased regulation and the continuing fallout from the financial crisis is having on the banking community JP Morgan on Friday (11 October) reported a $380m third quarter loss after setting aside $9.2bn to cover its legal fees.
The results are the first quarterly loss for the bank in eight years, with chairman and CEO Jamie Dimon claiming that its ‘strong underlying performance’ this term was ‘marred by large legal expense.’
