JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 6.6 percent drop in quarterly profit as legal costs exceeded $1 billion in the wake of government probes, leading Chief Executive Jamie Dimon to claim banks were "under assault. "JPMorgan agreed in November to pay $1 billion in penalties over its conduct in foreign exchange markets. Investigations into that and other areas of the bank's business, including alleged manipulation of Libor interest rates, are continuing.
JPMorgan's latest investment, which it plans to announce on Wednesday, comes on top of a $100 million, five-year commitment the largest U.S. bank made to Detroit in 2014. At the time, the city was bankrupt due to the near-collapse of the U.S. auto industry and six decades of economic decline and population exodus. The bank has put up $107 million so far, funding blight removal, commercial and residential redevelopment, job skills training and loans to small businesses.
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files ReutersNEW YORK/WASHINGTON (Reuters) - JPMorgan Chase & Co is investing another $50 million in Detroit amid what city officials and bank executives describe as encouraging signs for urban renewal through public-private partnerships.