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JPMorgan expects another $1bn hit from scandals | JPMorgan expects another $1bn hit from scandals |
(about 7 hours later) | |
JPMorgan Chase, America’s biggest bank, set aside a further $1bn (£630m) yesterday to cover the legal costs of investigations by regulators including those into the alleged rigging of foreign exchange markets. | JPMorgan Chase, America’s biggest bank, set aside a further $1bn (£630m) yesterday to cover the legal costs of investigations by regulators including those into the alleged rigging of foreign exchange markets. |
The provisions emerged as the bank reported a better performance in the third quarter than in the corresponding, disastrous quarter last year. | The provisions emerged as the bank reported a better performance in the third quarter than in the corresponding, disastrous quarter last year. |
But a new technical problem, following a recent cyber attack which hit 76 million accounts, meant that the bank’s earnings appeared about two hours before schedule on the investment website shareholder.com. | |
JPMorgan reported net income of $5.6bn for the three months ended 30 September, compared with a loss of $380m a year earlier, when it took a hit of $7.2bn to settle allegations related to mortgage-related instruments before the financial crisis. | |
Meanwhile, Citigroup reported better-than-expected third-quarter profits but said it would pull out of consumer banking in 11 less profitable markets. Citigroup’s adjusted net profit for the quarter rose to $3.67bn from $3.26 bn a year earlier. | Meanwhile, Citigroup reported better-than-expected third-quarter profits but said it would pull out of consumer banking in 11 less profitable markets. Citigroup’s adjusted net profit for the quarter rose to $3.67bn from $3.26 bn a year earlier. |
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