JP Morgan confirms Q3 loss

<p>JPMorgan Chase made a loss in the third quarter of the year.</p>

JP Morgan Chase has confirmed it made a loss in the third quarter in its latest financial data.

The bank revealed that it lost $380 million (£273 million) during the quarter, which is compared with a profit of $5.7 billion in the same period last year.

It was noted that one of the reasons for the loss was the $920 million it was told to pay to settle charges related to a trading scandal.

Last month, JP Morgan confirmed it will be paying $200 million to the US Securities and Exchange Commission and £138 million to the UK's Financial Conduct Authority.

Commenting on the results, chief executive Jamie Dimon said: "We continuously evaluate our legal reserves, but in this highly charged and unpredictable environment, with escalating demands and penalties from multiple government agencies, we thought it was prudent to significantly strengthen them."

However, it was stressed by Ms Dimon that the underlying business of the bank is still strong.

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