JPMorgan Says Foreclosure Agreement With Fed May Come Today
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JPMorgan Chase & Co., the second-biggest U.S. bank by assets, may settle an investigation into the bank’s foreclosure practices by federal regulators as early as today, executives said.
The bank took a $1.1 billion charge and may add as many as 3,000 employees to comply with the consent agreement, Chief Executive Officer Jamie Dimon and Chief Financial Officer Doug Braunstein told reporters on a conference call today after the bank reported a 67 percent increase in net income. The accord involves the Office of the Comptroller of the Currency and the Federal Reserve, the bankers said.