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Legal fees and rising interest rates hitting the bottom line of some of Wall Street's biggest banks.
First at JPMorgan Chase the country's biggest bank by assets reported a prayer quarterly loss of 380 million dollars.
Or seventeen cents a share after hanging out.
Nine billion dollars in legal yeah.
The company has been negotiating with the federal government over a possible eleven billion dollar settlement related to its mishandling of some mortgage backed securities during the peak of the financial crisis the third quarter loss with a first and you Jamie Dimon took his job in 2005.
But some don't think legal headaches and there.
Frankly I think it's not going to be enough once the government has a corporation or in this case -- CEO and its cross hairs.
They're never say she aided and I think it's something that I predict there'll be more finds more investigations.
I think it's gonna be something it JPMorgan -- wants to put it behind.
Investors are also taking a close look at Wells Fargo.
The biggest US mortgage lender reported knicks' third quarter results saying mortgage originations fell 29%.
From the second quarter and it's -- point five billion dollars in revenue fell short of analysts' estimates.
But the -- -- earn 99 cents per share pricing two cents above expectations.
This morning's result kicked off third quarter earnings season for the financial sector heavyweights Bank of America Citigroup.
American Express Goldman Sachs.
US Bancorp Morgan Stanley and flat rock all reporting next week for more log on the foxbusiness.com.
In New York I'm Jo Ling Kent.
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