10/11/2013 08:19 EDT | Updated 01/23/2014 06:58 EST

JPMorgan slumps to loss of $400 million in third quarter

NEW YORK, N.Y. - JPMorgan Chase, the biggest U.S. bank by assets, is reporting a surprise third-quarter loss after a big charge for legal expenses.

The bank says it lost $400 million in the July-to-September period, compared with a then-record $5.7 billion a year earlier.

The bank posted a loss of 17 cents a share in the quarter, compared with $1.40 a share a year earlier.

Analyst had expected earnings of the $1.19 a share, according to data provider FactSet.

Revenue fell 8 per cent, to $23.9 billion, missing analysts' estimate of $24.1 billion.