Compliance » Legal Fees Eat Bank Profits

Legal Fees Eat Bank Profits

Table vise squeezing Dollars

January 13, 2015

The nation’s biggest Banks are set to record a five percent dip in profit for the first time since 2008, the result of record legal fees, which amounted to a combined $30 billion. Many experts expect the amount of revenue going toward legal fees and fines to decrease, but to start the new year JPMorgan agreed to pay $100 million to settle a lawsuit brought by a group of institutional investors over allegations of price-rigging.

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