JPMorgan Operating Risk Rises With Past Seen as Prologue

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon has pledged billions of dollars to improve compliance and cybersecurity. Regulators can point to $23 billion of legal settlements last year and a cyber-attack discovered last month as they push JPMorgan to boost its buffer against unforeseen losses. Wall Street firms including Citigroup Inc. (C) and Bank of America Corp. (BAC) that together racked up more than $100 billion in post-financial crisis legal costs are facing similar pressures. JPMorgan will spend an additional $2 billion from 2012 through the end of this year on improving controls, with an annual $250 million on cybersecurity, Dimon said in his annual shareholder letter in April.



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