JPMorgan hit by legal costs, Dimon says banks 'under assault' [View all]

[IDemo]

Source: Reuters

JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, reported a 6.6 percent drop in quarterly profit as legal costs exceeded $1 billion in the wake of government probes, leading Chief Executive Jamie Dimon to claim banks were "under assault."

JPMorgan agreed in November to pay $1 billion in penalties over its conduct in foreign exchange markets. Investigations into that and other areas of the bank's business, including alleged manipulation of Libor interest rates, are continuing.

"Banks are under assault," Dimon said on a conference call with reporters on Wednesday. "We have five or six regulators coming at us on every issue."

"Obviously companies make mistakes. We try to resolve it, we try to fix it, we admit it," he said.

Read more: http://www.reuters.com/article/2015/01/14/us-jpmorgan-results-idUSKBN0KN19C20150114