JPMorgan Says No New Reserves Needed for Mortgage Settlement
February 09, 2012, 11:23 AM ESTBy Dawn Kopecki
Feb. 9 (Bloomberg) -- JPMorgan Chase & Co., the largest U.S. bank, won’t need to set aside additional costs to cover its share of a $26 billion multistate settlement over foreclosure practices announced today.
“We will incur some additional operating costs to implement the new servicing standards, but we expect that the financial impact of this settlement on financial results for this quarter and future periods will not be material,” Kristin Lemkau, a spokeswoman for the New York-based bank, said in an e- mail.
To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net
To contact the editor responsible for this story: Steve Dickson at sdickson1@bloomberg.net
