JPMorgan Says Justice Department Probing Its Foreign-Exchange Business

JPMorgan Chase & Co. confirmed in a regulatory filing Monday that the Department of Justice is conducting a criminal investigation into its foreign-exchange trading. The company also raised the top end of its loss estimates for legal proceedings, in excess of reserves established, to $5.9 billion from $4.6 billion.

The investigation focuses on its spot foreign-exchange trading activities and controls related to those, the bank said in a regulatory filing.

The bank said it was cooperating with the investigation and was in talks with the Justice Department and civil enforcement authorities, but that there was "no assurance that such discussions will result in settlements."

Last week, Citigroup Inc. lowered its reported third-quarter earnings in response to new legal costs. It has acknowledged several ongoing probes.

— and Reuters