NEW YORK — Mounting legal costs pushed JPMorgan Chase & Co. to a rare loss in the third quarter, the first since Jamie Dimon took over as CEO in 2005.
The largest U.S. bank by assets set aside $9.2 billion in the quarter to cover a string of litigation stemming from the housing crisis and the bank’s “London Whale” trading debacle.
While JPMorgan emerged from the financial crisis and the Great Recession as one of the strongest U.S. banks, it has been dogged by legal problems in recent years.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.