JPMorgan Chase & Co Inc CEO Jamie Dimon reported the bank's first quarterly loss since 2004. This was due to the USD7.2 billion cost of litigation from inquiries of the Attorney General as to its trading leading up to the 2008 crisis.

The loss had weakened Dimon in the board, as he used the steady profits of the bank to blunt internal cricicism as to the increasing regulatory and legal issues confronted under his leadership. The bank had already stockpiled reserves amounting to USD23 billion for settlements and other legal expenses.

Dimon, in a statement, said that the first loss under his leadership was 'very painful for me personally.' The last loss reported was at USD380 million or about USD0.17 per share for the third quarter of 2004. A year later, the bank posted a profit of USD5.71 per share or USD1.40 per share.

Dimon had received praise as a risk manager by steering clear of the mortgage related losses that had crippled many banks in the industry during the 2008 financial crisis. His Kryptonite though was projecting the bank's legal expenses. Even without counting the legal fees, the bank's performance for the quarter was lukewarm at best.