Hefty settlement fines for failing to report suspicious activities related to Bernard Madoff’s Ponzi scheme and involvement in the 2008 financial crisis weighed on earnings at JPMorgan Chase, even as the largest US bank managed to bring in yearly earnings in the tens of billions of dollars.
In 2013, net income fell 16 per cent to $17.9 billion, the bank said Tuesday.
Earnings fell to $5.3 billion in the fourth quarter from $5.7 billion in the year-earlier period. Revenues declined 1.1 per cent to $24.1 billion in the quarter.
Chief executive Jamie Dimon has sought to speed efforts to work through the legal fallout of the financial crisis and other scandals.
The bank recently agreed to pay $2.6 billion in settlements related to Madoff’s scam and in a separate agreement said it would pay $13 billion for its role in mortgage-related practices leading up to the 2008 financial crisis.
The bank spent a total of $23 billion on legal settlements last year.