Email your news and story ideas to: [email protected]
Legal costs lead to income fall in US banks
Income in American banks has fallen for the first time in four years, brought down by mounting legal costs at JP Morgan.
The survey suggests legal and claims departments are focused on the total cost of a matter, rather than just settlement costs or just legal costs Dusit
Sign up for our free daily newsletter
YOUR PRIVACY - PLEASE READ CAREFULLY DATA PROTECTION STATEMENT
Below we explain how we will communicate with you. We set out how we use your data in our Privacy Policy.
Global City Media, and its associated brands will use the lawful basis of legitimate interests to use
the
contact details you have supplied to contact you regarding our publications, events, training,
reader
research, and other relevant information. We will always give you the option to opt out of our
marketing.
By clicking submit, you confirm that you understand and accept the Terms & Conditions and Privacy Policy
A report from the Federal Deposit Insurance Company (FDIC) shows that net income in Q3 this year for the 6,891 institutions it insures has collectively fallen by US$1.5b to $36b. The banks are, in fact, split half and half between those showing growth and those in decline compared to a year ago. The FDIC cited JP Morgan's legal expenses as the main factor behind the 4 per cent fall. Source: The Financial Times
