JPMorgan posts loss, cites litigation costs

10/12/2013

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.