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JP Morgan pays $920m to regulators JP Morgan makes $920m London Whale payout to regulators
(35 minutes later)
US investment bank JP Morgan Chase & Co has agreed to pay regulators $920m (£572m) relating to a $6bn loss racked up over the "London Whale" trades. US bank JP Morgan Chase has agreed to pay four regulators $920m (£572m) relating to a $6.2bn loss racked up over the "London Whale" trades.
The bank will pay the money to four regulators, including about $220m to the UK's Financial Conduct Authority. Under the settlement, $200m will go to the US Securities and Exchange Commission and $220m to the UK's Financial Conduct Authority.
Traders at the bank's London office built up huge losses in derivatives trades at the beginning of last year. As part of the deal JP Morgan admitted violating US federal securities laws.
Two former JP Morgan traders face criminal charges in the US. Traders at JP Morgan's London office built up huge losses in derivatives trades at the beginning of last year.
Two former JP Morgan traders face criminal charges in the US relating to the case.
They deny charges of lying about the size of their trades in order to hide their mounting losses.They deny charges of lying about the size of their trades in order to hide their mounting losses.
The Wall Street bank is paying $300m to the US Office of the Comptroller of the Currency (OCC), and $200m will go to both the Securities and Exchange Commission (SEC) and the US Federal Reserve.
In a statement, the SEC said there had been failings in JP Morgan's internal controls and in senior management.In a statement, the SEC said there had been failings in JP Morgan's internal controls and in senior management.
The regulator said the bank had admitted the facts underlying the SEC's charges, and publicly acknowledged that it had violated federal securities laws. The regulator said the bank had admitted the facts underlying the SEC's charges.
"JP Morgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses," said George Canellos, co-director of the SEC's division of enforcement."JP Morgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses," said George Canellos, co-director of the SEC's division of enforcement.
The Wall Street firm, one of the biggest investment banks in the world, is paying $300m to the US Office of the Comptroller of the Currency (OCC), and $200m will go to both the Securities and Exchange Commission (SEC) and the US Federal Reserve.
A further $220m will be paid to the UK's Financial Conduct Authority as part of the global settlement.
The London Whale was the name given to then-JP Morgan derivatives trader Bruno Iksil, who is believed to have racked up the losses and is now co-operating with authorities in criminal cases against other traders.