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JPMorgan paying $920M in London Whale case

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MARCY GORDON | September 19, 2013 09:16 AM EST | AP


WASHINGTON — JPMorgan Chase & Co. is paying $920 million in penalties and admitting wrongdoing over a $6 billion trading loss last year that tarnished the bank's reputation.

Regulators say that weak oversight at the largest U.S. bank enabled traders in its London operation to assign inflated values to trades and cover up losses as they ballooned. The combined amount JPMorgan is paying the one of the largest fines ever levied against a financial institution.

The regulators said JPMorgan failed to properly supervise the traders, two of whom face criminal charges of falsifying records to hide the losses. The Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve and the Britain's Financial Conduct Authority joined in sanctioning the bank.