JPMorgan posts first loss since 2004,a blow to Dimon

In unusually humble language for a CEO once lionised on Wall Street and in Washington,Dimon acknowledged that the first loss under his leadership was very painful for me personally.

JPMorgan reported a loss of 380 million,or 17 cents per share,for the third quarter. A year earlier it posted a profit of 5.71 billion,or 1.40 a share. Dimon earned widespread praise as a risk manager for avoiding most of the mortgage-related losses that hobbled rivals during the financial crisis. But he was less adept at anticipating legal expenses.

The third-quarter legal hit includes money set aside for future settlements. Dimon cautioned that these expenses will likely be elevated for the next year or two.