JPMorgan Chase, the largest bank in the US, has said that it has recorded a fall of 1.1 per cent to $24.1 billion during the quarter.

The bank said that its net income fell 16 per cent to $17.9 billion in 2013 while its earnings fell to $5.3 billion in the fourth quarter from $5.7 billion during the same period of the previous year.  Chief executive Jamie Dimon is working to speed up legal fallout of the financial crisis and other scandals.  The bank is facing huge penalties arising from its involvement in Bernard Madoff's Ponzi scheme and involvement in the 2008 financial crisis.

The bank recently entered into an agreement with the US authorities to settle criminal charges against the banking giant for its failure to report its concerns about Bernard Madoff's private investment service.

U. S.  District Judge Kevin Castel gave his approval to $1.7 billion deal between the banking institution and the authorities.  The bank has said that it will settle allegations that it ignored signs of Bernard Madoff's Ponzi scheme. The bank has been working to reach a settlement with federal authorities, according to people closer to the matter.

Source: Top News