News Column

JPMorgan Faces Fine Over 'London Whale' Fail

September 17, 2013 Financial Markets

Recently regulators are set to hand down roughly $750 million in fines against JPMorgan Chase over the bank's disastrous "London Whale" trading losses last year yet these fines remain unofficial and only revealed by people familiar to the negotiations.

However, this settlement could be announced as soon as this week and accordingly resolve investigations that were launched after JPMorgan revealed that its traders in London placed bad bets on credit derivatives that resulted in billions of dollars in losses.

And as for JPMorgan, the settlements will help put to rest months of upheaval at the bank that included the departure of senior executives and criminal charges against traders.

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Original headline: JPMorgan Chase charged with $750 million

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Source: (c) 2013 ICN.COM. ALL RIGHTS RESERVED Provided by an company

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