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JPMorgan Agrees To Pay At Least $750 Million In Fines For 'Whale' Losses: Report

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DIMON
FILE - In this Tuesday, June 19, 2012, file photo, Jamie Dimon, CEO of JPMorgan Chase, testifies before the House Financial Services Committee on Capitol Hill in Washington. On Friday morning July 13, 2012, Dimon will appear before Wall Street analysts to apprise them of the size of the loss and what he has done to protect the bank from a similar kind of loss happening again. (AP Photo/Jacquelyn Martin, File) | AP
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JPMorgan Chase, the nation's biggest bank by assets, has reportedly agreed to pay at least $750 million in fines as a result of the 'London Whale' scandal, according to Bloomberg.

That settlement is larger than the expected fines of $500 million to $600 million that were reported widely last month. The bank is also expected to admit guilt as part of the settlement, the Wall Street Journal reports.

The bank lost $6.2 billion as a result of the 'Whale' fiasco and is currently under investigation by the Justice Department, the Securities and Exchange Commission and the Commodities Futures Trading Commission, among other agencies, according to the Wall Street Journal.

Reuters reports:

The U.S. Department of Justice brought criminal charges last month against two former JPMorgan traders in the London office, alleging they deliberately understated the size of the mounting losses early last year. It was not immediately clear which government agencies would be included in the settlement. In addition to the Justice Department, the U.S. Securities and Exchange Commission, the state of Massachusetts and securities law enforcers in the UK have been investigating the matter.

JPMorgan has been pushing for weeks to resolve the company's liability to regulators. News of an imminent settlement came on a day the company's board of directors planned to meet.

The bank is trying to mend its relationships with regulators after surprising them with the derivatives loss at a time when Chief Executive Jamie Dimon was complaining that the regulators were going too far with reforms to avert another financial crisis.

The company recently said it would record more than $1.5 billion of additional legal expenses in the third quarter.

The debacle took on the "London Whale" nickname, which hedge funds gave to former JPMorgan employee Bruno Iksil for the large size of the trades he made for the company's Chief Investment Office in London.

JPMorgan shares rose 1 percent on Monday to $53.14 at the close of regular trading in New York. The stock traded at $40.74 at the market close immediately before JPMorgan acknowledged on May 10, 2012 that it was losing billions of dollars are on the derivatives.

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