Daily News: January 20, 2014

Reuters: Big Banks Add to Defense Funds

Reuters reported several large U.S. banks have set aside extra money to pay for potential legal costs in light of JPMorgan Chase’s $13 billion settlement with U.S. authorities over bad mortgages, citing two sources familiar with the situation.

The size of the JPMorgan settlement, which the government called the largest in U.S. history, led many banks to realize that the cost of resolving their own legal problems would likely be higher than they had initially thought, the sources added.

To read the entire Reuters article, click here.