(Reuters) - A top executive at JPMorgan Chase & Co (JPM.N) said on Wednesday that the bank continues to seek a final agreement with the government on a tentative settlement over liabilities for mortgage securities sold before the financial crisis.
Mike Cavanagh, co-head of the company’s corporate and investment bank and a top lieutenant of Chief Executive Officer Jamie Dimon, said at an investor conference that company executives are “trying very hard” to resolve the company’s legal and regulatory issues.
At the start of Cavanagh’s appearance at the conference sponsored by Bank of America Merrill Lynch, (BAC.N) 77 percent of people polled at the gathering said that resolving JPMorgan’s legal and regulatory issues would do more than anything else to lift its stock price.
Cavanagh said he had “no update” on specific steps to put on paper an agreement that press report have said provides for the bank to pay $13 billion to settle government claims. The outline of the basic deal, which would resolve issues with multiple agencies, was reached by Dimon and U.S. Attorney Eric Holder at the end of September.
Cavanagh describe the talks as “complex.”
JPMorgan shares moved little during the talk and at mid-afternoon in New York traded at $53.92, down 5 cents for the day. The stock is up more than 22 percent this year.
Reporting by David Henry in New York; Editing by Gerald E. McCormick