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JPMorgan Reports First Quarterly Loss

After Washington regulators imposed a whopping $9.15 billion in legal charges, JPMorgan Chase reported its first-ever loss this quarter. “While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense,” CEO Jamie Dimon announced in a statement. In September, the bank agreed to pay $1 billion in charges for the "London Whale" disaster, a trading misstep that cost more than $6 billion in losses to the bank and which employees then attempted to cover up. The total legal charges for the quarter were up 1,337 percent from normal.