The country’s largest bank had almost $25 billion in revenues and almost $500 million in legal expenses in the first quarter. The bank’s chief financial officer said it hoped to resolve the Justice Department’s investigation into its foreign exchange trading practices “in the coming weeks.”
JPMorgan Chase, the country’s biggest bank by assets and the first major bank to report its earnings for the first quarter, slightly beat out analysts’ expectations, but was still dragged down by high pretax legal expenses of $687 million.
In its last earnings presentation and at an investors’ conference in February, JPMorgan executives defended the bank’s massive scale and diversity of businesses — everything from credit cards, mortgages, and large-scale commercial lending to trading and investment banking — at length. While regulators have not particularly targeted JPMorgan for a breakup, they have proposed and instituted new rules that go after the biggest and most complex financial institutions.