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JPMorgan adds $4 billion on legal cleanup

JPMorgan's Jamie Dimon
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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.


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