Monday, October 13, 2014

JPMorgan posts profit as legal costs ease: Website

JPMorgan Chase & Co reported a third-quarter profit, as the biggest U.S. bank moved past the huge legal claims that caused it to book a rare loss in the same quarter last year, according to an apparently authentic document posted on website
The bank posted net income of $5.6 billion, or $1.36 per share, in the three months ended Sept. 30, compared with a loss of $380 million in the year-earlier quarter, the document showed.
A JP Morgan spokeswoman in the United States said she had no immediate comment.
The bank was hit last year by an after-tax expense of $7.2 billion to settle government allegations of wrongdoing related to mortgage instruments before the financial crisis.
JPMorgan is the first of the big U.S. banks to report for the quarter.Citigroup Inc and Wells Fargo & Co also report on Tuesday. Bank of America Corp, the second-biggest U.S. bank, will report on Wednesday.