In the aftermath of the global financial crisis of 2008, a thing that has become basically a daily occurrence is the announcement that "[insert bank here] has agreed to pay [insert 7 to 11-figure number here] to settle [bad thing said bank did prior to 2009 here]." So much so that said announcements feel like they will go on until the end of time, and while they're not done yet, JP Morgan did just get a taste of what life is like when you're not writing checks vis-à-vis wrongdoing every hour of every day. Turns out it's actually pretty nice!
The bank recorded no material legal costs for the first quarter, the lowest level in two years. J.P. Morgan has paid out billions of dollars in settlements over the past several years, but Chief Executive James Dimon recently wrote in his annual shareholder letter that many legal and regulatory issues that J.P. Morgan and the banking industry have faced are beginning to dissipate.