JPMorgan Chase set aside $1bn in legal reserves, depressing third-quarter results yesterday, as the largest US bank by assets prepares to pay big penalties over allegations it manipulated the foreign exchange market.
Bulking up its reserves by $1bn was more than analysts expected and took the bank’s profits for the three months to the end of September below expectations, at $5.6bn.
It is a sign that JPMorgan is close to settling enforcement action, which is being led by authorities in the UK and US, and affects more than 15 banks.
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