JPMorgan CEO Jamie Dimon told investors Wednesday that he expects the bank to spend $2bn next year to make sure the bank stays in compliance, according to a Wall Street Journal report. Despite the cost, Dimon said he expected overall expenses to drop next year.
The bank has slogged through a morass of legal troubles in recent months, paying more than $20bn to settle numerous lawsuits – including $13bn to settle federal mortgage fraud claims.
Some investors urged Dimon to fight the various judgments and settlements, according to the Journal – but Dimon told them that to do so would only result in yet more protracted litigation and unflattering media attention.
“I don’t want to threaten the health of my company ever,” Dimon said.
JPMorgan’s legal troubles are hardly over. The bank still faces numerous lawsuits, including one filed by the Federal Home Loan Bank of Pittsburgh, which took a $2.3bn hit on mortgage-backed securities it purchased from the lending giant.
JPMorgan may double the amount it spends on compliance in 2014 in the wake of billions of dollars in settlements and legal fees.