By Jonathan Davies

The US' largest bank, JP Morgan Chase, has reported a 6.6% fall in profits as a result of huge legal costs.

The bank posted profits of $4.93bn in the fourth quarter, down from $5.28bn for the same period last year. It comes after $1bn (£659m) legal costs relating to investigations surrounding alleged wrongdoings.

But legal costs for the whole of 2014 were $2.9bn, far below 2013's total of $11.1bn. JP Morgan has previously estimated that its legal costs could reach almost $6bn in 2014.

The banks' revenue from fixed-income trading was down 23% at $2.5bn.

JP Morgan is one of a number of banks, including the likes of HSBC, Barclays and RBS, over allegations of rigging foreign currency rates and markets.

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