JPMorgan posts loss on $9.2 billion in charges
JPMorgan Chase posted a $380 million third-quarter loss as the nation's largest bank wrote off $9.2 billion for legal fees and settlements of regulatory disputes stemming from the mortgage crisis and other issues.
Excluding special charges, the bank said it earned $5.8 billion, or $1.42 a share, up slightly from $5.7 billion, or $1.40 a share, in the third quarter of 2012. Analysts had expected the bank to earn $1.19 a share.
``While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense,'' CEO Jamie Dimon said in a statement. ``While we expect our litigation costs should abate and normalize over time, they may continue to be volatile over the next several quarters.'
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