Madoff Penalties Hit Jpmorgan Profit

JPMorgan Chase & Co reported a 7.3 percent drop in quarterly profit after the biggest U.S. bank by assets paid penalties to the government for not reporting suspicions of fraud by Ponzi-schemer client Bernie Madoff.

Net income fell to $5.28 billion, or $1.30 per share, in the fourth quarter from $5.69 billion, or $1.39 per share in the same quarter of 2012, JPMorgan said on Tuesday.

The latest results took into account gains from the sale of Visa Inc shares and One Chase Manhattan Plaza and legal expenses related to the Madoff settlements.

Source : Reuters