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JPMorgan woes cause first fall in US bank income in four years

"JPMorgan's mounting legal bills have contributed to the first fall in US banks' net income for more than four years, according to a report released by the Federal Deposit Insurance Corporation on Tuesday.

"FDIC-insured banks reported total net income of $36bn in the third quarter – $1.5bn less than a year ago, and the first year-on-year decline since the second quarter of 2009.