JPMorgan Chase has increased its litigation reserve by more than $1.5 billion in the third quarter to help cover a 'crescendo' of potential legal claims.
'This addition to reserves covers a number of different matters, some of which you’ve been reading about', Chief Financial Officer Marianne Lake said Monday at the Barclays Global Financial Services Conference in New York. 'There’s been a crescendo of activity in past weeks and we are reacting to that where it makes sense'.
The U.S. is conducting criminal investigations linked to the bank’s energy-trading and mortgage-backed securities businesses as well as separate probes of its anti-money-laundering safeguards, foreclosures, credit-card collections and a record trading loss in London last year.
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