JPM Hammered By Massive $9.2 Billion In Legal Expenses, Posts First Loss Under Dimon; Takes $1.6 Billion Reserve Release

Jamie must be crying in his beer…

The bottom line:

Quote Jamie Dimon:

While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense. We continuously evaluate our legal reserves, but in this highly charged and unpredictable environment, with escalating demands and penalties from multiple government agencies, we thought it was prudent to significantly strengthen them. While we expect our litigation costs should abate and normalize over time, they may continue to be volatile over the next several quarters.

 

One response to “JPM Hammered By Massive $9.2 Billion In Legal Expenses, Posts First Loss Under Dimon; Takes $1.6 Billion Reserve Release

  1. This man has no conscious! How can he not be embarrassed and his company keep him employed, though I am sure he is in his position due to his conning intelligence, it has to be embarrassing for the company, and troubling to the stock holders wither or not they are just looking at the profiteering. Well we are making money so be it? Profit means legal these days? Profit counts and nothing else! No room for a conscious!

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