J.P. Morgan Chase reported a quarterly loss yesterday after setting aside an additional $2.3 billion for legal costs related to the WorldCom, Enron and other scandals. It also approved a $6 billion stock repurchase program.
The New York-based bank, which gained branches in the Southwest and Midwest with its purchase of Chicago-based Bank One, reported a net loss of $548 million, or 27 cents per share, compared with a profit of $1.83 billion, or 89 cents a share a year ago. Excluding the litigation charge and merger costs, the bank said it earned 85 cents per share. The bank also posted merger costs of $60 million.