Legal costs for major U.S. banks top $100B

|By:, SA News Editor

The U.S.'s six largest banks have accumulated legal costs of $103B so far since the financial crisis, Bloomberg calculates, noting that the figure is greater than the amount they've paid in dividends in the past five years.

Legal fees and litigation costs account for $56B and the rest is for payments to mortgage investors.

JPMorgan's (JPM) legal bill is $21.3B while it has allocated $8.1B for mortgage buybacks. Bank of America's (BAC) legal expenses are $19.1B and its repurchase provisions $28.6B. The other banks are Citigroup (C), Wells Fargo (WFC), Goldman (GS) and Morgan Stanley (MS).