JPMorgan returns to black as legal costs ease | Business| Economy and finance news from a German perspective | DW | 14.10.2014
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JPMorgan returns to black as legal costs ease

JPMorgan Chase has moved past its legal troubles from the past year, returning to profit in the third quarter. The biggest bank in the US had settled a slew of lawsuits related to mortgage instruments.

Banking heavyweight JP Morgan Chase posted a third-quarter profit despite being tied up with legal costs, bouncing back from a rare loss the same quarter last year.

The biggest US bank logged a net income of $5.6 billion (4.4 billion euros), or $1.36 per share, in the three months ended Sept. 30, the company said in a statement online, an hour before the official figures were to be released.

The bank reported a net loss of $380 million in the same period last year, amid facing allegations of wrongdoing related to mortgage-backed securities before the financial crisis.

JPMorgan agreed to a $7.2 billion settlement after taxes.

The earnings surfaced on the website shareholder.com. JPMorgan had no immediate comment.

The announcement comes as the Federal Bureau of Investigation investigates the recent hacking breach at the bank.

el/sgb (Reuters, AFP)

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