JPMorgan Expected to Agree to $750 Million in Fines for ‘Whale’ Losses
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Spencer Platt/Getty Images(NEW YORK) — JPMorgan is expected to agree to pay $750 million to resolve a probe into the so-called “London Whale” trades that lost the bank over $6 billion.
JPMorgan’s board met on Monday and will meet again on Tuesday to approve the fines, which could be announced this week. The bank did not give public comment on the private negotiations.
The bank announced the multi-billion-dollar losses last May and will pay the $750 million settlement to avoid fines from the Securities and Exchange Commission and the Office of the Comptroller of the Currency, says the New York Times. Additional fines could be levied by the Financial Conduct Authority, the British financial regulator.
JPMorgan has previously negotiated a $410 million settlement with the U.S. government after the bank was accused of manipulating energy costs in California and Michigan, reports the Times.
Two former JPMorgan employees have been charged for allegedly covering up the bank’s losses, says The Huffington Post.
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