Relevant:
- JPMorgan Faces U.S. Criminal Probe Into Currency Trading
- Banks Lose $836 Million in First Annual Loss in Derivatives
- Deutsche Bank Sees 2.1bln EUR Quarterly Loss on Legal, Overhaul Costs
- JPMorgan Declines on Debt-Trading Outlook, Rising Costs
- Goldman profit hit by big legal provision, weak bond trading
2013-11-08 — bloomberg.com
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The WM/Reuters rates determine what many pension funds and money managers pay for their foreign exchange and are used by index providers such as FTSE Group and MSCI Inc. (MSCI) to calculate daily valuations of indexes that span multiple currencies. Even small movements could affect the value of what Morningstar Inc. (MORN) estimates is $3.6 trillion in funds including pension and savings accounts that track global indexes.
...
The firm also disclosed today that it's "reasonably possible" legal losses rose to $4 billion in the third quarter. The figure, which represents an estimate of how much legal costs may exceed reserves, increased from $3.5 billion in the second quarter and compares to $5.7 billion for JPMorgan and $5.1 billion for Bank of America Corp.
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