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JPMorgan profit hit by Madoff, weaker investment banking

Reuters – JPMorgan Chase & Co. posted a 7.3 percent decline in quarterly profit on Tuesday [Jan. 14], as legal woes and weak demand for investment banking services capped off a tough year for Chief Executive Jamie Dimon.

The largest U.S. bank had $1.1 billion of legal expenses in the fourth quarter, about $850 million of which was linked to a recent settlement for failing to report its suspicions of fraud at its client Bernard Madoff’s fund.

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