JPMorgan Chase & Co. confirmed in a regulatory filing that the Department of Justice is conducting a criminal investigation into its foreign-exchange trading. The company noted that its legal losses could total as much as $5.9 billion.
The investigation focuses on its spot foreign-exchange trading activities and controls related to those, the bank said in a regulatory filing.
The bank said it was cooperating with the investigations and was in talks with the justice department and civil enforcement authorities, but that there was "no assurance that such discussions will result in settlements."
Last week, Citigroup Inc. lowered its reported third-quarter earnings in response to new legal costs. It has acknowledged several ongoing probes.