Business

JP Morgan Posts Loss Ahead Of Expected Fines

NPR | Oct. 11, 2013 3:38 p.m.

Contributed By:

Dan Bobkoff

JP Morgan Chase reported something unusual today: a loss. The bank has been forced to set aside a huge cash reserve to cover expected fines and related legal costs. In the most recent quarter, the set-aside was so large — $9.1 billion — that it produced a net loss for the bank.

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