People walk past a branch of Chase Bank, Wednesday, Jan. 14, 2015 in New York. JPMorgan Chase reported a 7 percent drop in fourth-quarter earnings Wednesday, hit by more legal costs and a drop in trading revenue. (AP Photo/Mark Lennihan)
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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".Legal costs aside, JPMorgan's earnings were hit by a 14 percent fall in revenue from fixed-income trading, after adjusting for the sale of the bank's physical commodities business and accounting changes.Like other banks, JPMorgan has also been investing heavily to improve risk controls and system security.Net income fell to $4.93 billion or $1.19 per share, from $5.28 billion or $1.30 per share. Dimon was asked if the bank should be broken up – an argument put by Goldman Sachs analysts earlier this month.
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