Reply #13: J.P. Morgan Posts Quarterly Loss [View All]

[54anickel]

http://biz.yahoo.com/rb/040721/financial_jpmorgan_earns_3.html

NEW YORK (Reuters) - J.P. Morgan Chase & Co. (NYSE:JPM - News), the No. 2 U.S. bank after its recent purchase of Bank One, on Wednesday reported a quarterly net loss after boosting litigation reserves by $2.3 billion.

It also approved a $6 billion stock repurchase program.

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Excluding the litigation charge and merger costs, the bank said it earned 85 cents per share.

Wall Street analysts, on average had forecast the company would earn 83 cents a share, according to Reuters Estimates.

The bank faces increased legal risks as a result of its involvement in the former telecom company WorldCom and the energy firm Enron. In May, Citigroup Inc. (NYSE:C - News) said it would pay $2.65 billion to WorldCom investors who had accused it of participating in financial fraud.