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JPMorgan’s Dimon Posts First Loss on $7.2 Billion Legal Cost

JPMorgan Chase & Co. reported its first loss under Chief Executive Officer Jamie Dimon after taking a $7.2 billion charge to cover the cost of mounting litigation and regulatory probes.

The third-quarter loss was $380 million, or 17 cents a share, compared with a profit of $5.71 billion, or $1.40, a year earlier, the New York-based company said today in a statement. The last time the bank failed to report a profit was the second quarter of 2004, when William Harrison was CEO.