JPMorgan Chase agreed to pay $US920 million in fines as part of a settlement with regulators in the London Whale trading loss case,
Bloomberg News’ Dawn Kopeckireported.
Those fines will be paid amongst the SEC ($200 million), the Office of the Comptroller of the Currency ($300 million), the Federal Reserve ($200 million) and the U.K.’s Financial Conduct Authority ($221 million), according to Bloomberg.
According to the SEC’s release, JPMorgan admitted that its conduct violated the federal securities laws.
“We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them. We will continue to strive towards being considered the best bank — across all measures — not only by our shareholders and customers, but also by our regulators. Since these losses occurred, we have made numerous changes that have made us a stronger, smarter, better Company,” JPMorgan’s CEO Jamie Dimon said in a statement.
The CFTC and the Justice Department are still probing the matter, according to Bloomberg.
Back in May 2012, JPMorgan revealed a $2 billion dollar trading loss in it’s Chief Investment Office in London related to derivatives trades.
A few months later it was revealed that the number was actually $5.8 billion.
Before this, though, there were media reports from Bloomberg and the Wall Street Journal about a trader known as the “London Whale” who had a massive position that it was rattling the market. JPMorgan’s CEO Jamie Dimon dismissed those early reports as a “tempest in a teapot.”