JPMorgan adds $4 billion on legal cleanup

JPMorgan's Jamie Dimon
Getty Images
JPMorgan's Jamie Dimon

JPMorgan Chase will spend an additional $4 billion this year to deal with its legal problems, The Wall Street Journal reports.

Citing people close to JPM, the newspaper said the bank will commit 5,000 extra employees to the effort to clean up matters in which it faces regulatory scrutiny. They include the London Whale trading debacle, its handling of mortgage bonds and its overseas hiring practices.

"Fixing our controls issues is job No. 1," Chairman and CEO Jamie Dimon told the Journal. "This is a huge investment of people, time and money … but it will make us stronger in the long run."

(Watch this: Corzine or Dimon: Who has it tougher?)

To read the Journal's full story, click here.

By CNBC.com.




  • There's been a tremendous increase in the states getting involved in areas of regulations they did not usually get involved in before, says Eric Dinallo, Debevoise & Plimpton LLP partner, discussing banking regulations.

  • An investor is suing Barclays over losses suffered after New York's attorney general accused the bank of lying about its electronic trading platform.

  • Over 2,000 years since the the Hippocratic Oath was introduced there are calls for bankers to follow suit, in an effort to prevent another crisis.