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JPMorgan Chase Posts Unexpected Loss, $7.2B in Legal Expenses

Underlying credit trends continue to improve. The bank said it expects to release $150 million in reserves in its card and auto loan division in the fourth quarter. It also expects to release more mortgage reserves if charge offs continue to trend down.

The bank reported a Basel III Tier I Common Capital of 9.3% at the end of the third quarter. Management said during the media call that it still plans to finish the year with a target of 9.5%.

It also said that the bank's legal issues would not interfere with its plans to buy back shares or pay dividend.

Buybacks would still be largely dependent on the stock price and the bank's internal capital targets, Dimon said in the media call.

-- Written by Shanthi Bharatwaj in New York.

>Contact by Email.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
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