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JPMorgan sets aside $1 billion for forex-rigging penalty
By Tom Braithwaite and Martin Arnold
Financial Times, London
Tuesday, October 14, 2014
JPMorganChase set aside $1 billion in legal reserves, depressing third-quarter results, as the largest US bank by assets prepares to pay big penalties over allegations it manipulated the foreign exchange market.
The bank has paid billions of dollars in penalties over regulatory violations and lawsuits in the past two years -- ranging from the "London whale" trading fiasco to mis-selling mortgage-backed securities.
Bulking up its reserves by $1 billion was more than analysts expected and took the bank's profits for the three months to the end of September below expectations, at $5.6 billion.
It is a sign, according to people familiar with the matter, that JPMorgan is close to settling enforcement action, which is being led by authorities in the UK and US, and affects several of the world’s biggest currency trading banks. ...
... For the remainder of the report:
http://www.ft.com/intl/cms/s/0/01f4693c-5380-11e4-929b-00144feab7de.html
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