JPMorgan Chase 4th Qtr Profit of $5.3B

JPMorgan reported a quarterly profit of $5.3-billion dollars, despite legal problems.

The bank reported revenue of $24.1-billion. That's down one percent compared to the same quarter in the previous year.

JPMorgan took charge of more than a billion dollars in the fourth quarter to resolve some of its biggest legal headaches.

Its CEO said in October the bank has set aside 23 billion dollars to cover its various legal costs.

The bank has agreed to settle lawsuits stemming from its relationship with disgraced financier Bernard Madoff. And it's paying the justice department to resolve allegations linked to the sale of risky mortgage securities during the housing bubble. And it's settled with institutional investors who suffered losses on mortgage securities purchased from JPMorgan in the run-up to the financial crisis.

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