JP Morgan Chase (JPM
) announced on Monday that it has raised its litigation reserve by more than $1.5 billion in the third quarter.
According to the bank’s Chief Financial Officer Marianne Lake “This addition to reserves covers a number of different matters, some of which you've been reading about. There's been a crescendo of activity in past weeks and we are reacting to that where it makes sense.” The “activity” Lake is referring to involves the potential legal claims and fees resulting of U.S. criminal investigations into the bank’s energy-trading and mortgage-backed securities business, as well several other issues.
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JP Morgan also announced two new members on its board, as well as the expanded powers for lead director Lee R. Raymond to help enforce risk oversight.
JP Morgan shares traded 0.30% higher during Monday’s session. Year-to-date, the stock is up 17.69%.
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