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JP Morgan Chase Swings to a Q3 Loss on Legal Expenses

The United States’ largest bank by assets, JP Morgan Chase & Co. (NYSE: JPM) said on Friday that it swung in to fiscal third quarter loss as heavy litigation expenses hurt the bottom line. Adjusted earnings beat analysts’ consensus estimate but revenue missed the forecast. For the latest period, the company took a charge of $9.2 billion linked to litigation expenses, resulting in a net loss of $380 million compared to a net profit of $5.7 billion, in the same quarter of last year. On adjusted basis, the bank earned $1.42 a share while analysts polled by Thomson Reuters had forecasted earnings of $1.17 a share. Revenue declined 8% to $23.9 billion.


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