JPMorgan reports $474m loss on legal expenses

JPMorgan reports $474m loss on legal expenses

NEW YORK CITY - US banking giant JPMorgan Chase on 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 US$380 million (S$474 million)on revenues of US$23.12 billion, due in large part to a US$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 US$1.42 per share, 21 US cents above expectations.

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