JPMorgan said to pay $900m to settle Whale probes

JPMorgan Chase is poised to pay about $900 million to settle US and UK claims that lax internal controls led the bank to provide inaccurate information about last year’s record trading loss.

19th September, 2013
“This is the financial blunder of the decade,” said one analyst.

JPMorgan Chase is poised to pay about $900 million to settle US and UK claims that lax internal controls led the bank to provide inaccurate information about last year’s record trading loss to the board, investors and regulators, people with knowledge of the matter said.

The bank is set to announce deals today with four regulators over its handling of the trades by an employee known as the London Whale because his bets were...

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