JPMorgan to take $850M charge in Madoff settlement

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

The total settlement - when fines from the OCC and payments to private litigants are added to the $1.7B headline number to the DOJ - is roughly $2.6B. The Bank of Dimon (JPM -1.1%) expects to add about $400M to its reserves to cover that for which it hadn't already reserved for.

As a result of the settlement payments being non-tax-deductible, JPMorgan expects the deal to cut Q4 income by about $850M. The bank will likely earn somewhere in the area of $30B this year. Off a bit today, the stock remains within cents of a 10-plus-year high.

SEC Form 8-K

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