In its latest corporate confession, the nation’s biggest bank disclosed that it’s facing more than a dozen civil and criminal investigations into its virtually every aspect of its business. Beyond the infamous “London Whale” debacle, the bank is also being investigated over mortgage-bond sales, improper foreclosure practices, interest-rate rigging and power market manipulation, according to JPMorgan’s latest quarterly filing with regulators. Although the bank didn’t reveal any new investigations, taken together they underscore the multitude of legal and regulatory challenges confronting JPMorgan boss Jamie Dimon. Indeed, earlier this month JPMorgan took the unusual step of disclosing that it had set aside a whopping $23 billion to tackle potential legal problems...Despite the wide-ranging issues, JPMorgan officials believe the bank is finally making headway on its raft of legal and regulatory woes after years of wrangling, according to sources. [NYP]
Not Paying Out Billions In Legal Fees Is Boon To JP Morgan's Profit
So that's something new and exciting.
Bonus Watch '15: JP Morgan To Make Other Banks Look Like Cheapskates
Good for JP Morgan employees, less good for JP Morgan peers, who are gonna be hearing a lot of "Why can't you be more like JP Morgan?"