That is in line with the $873.2m average of 10 analyst estimates compiled by Bloomberg. The bank had $1.3bn of legal expenses in the quarter, more than twice the $602.6m five analysts had expected on average.
Co-CEO John Cryan, who replaced Anshu Jain this month, is pressing ahead with the bank’s plan to bolster profitability by reducing costs and cutting back businesses. Cryan has signaled he may shrink the trading operation built up by his predecessor as some investors have called for a more aggressive revamp of the securities unit to bolster capital.
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