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JPMorgan may settle "Whale" probe for $600 million

Thursday, August 29, 2013 - 01:00

Aug 29 - JPMorgan Chase & Co is in talks with a group of regulators to settle investigations into last year's ''London Whale'' trading scandal, which cost the bank more than $6 billion. Kirsty Basset reports.

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Today's daily digit is $600 million, or around £386 million. That's the amount JPMorgan may pay to settle investigations into the bank's 'London Whale' trading losses, according to a Reuters source. Regulators including the U.S. Securities and Exchange Commission and the UK Financial Conduct Authority are reportedly in intense negotiations with JPMorgan lawyers. The talks are expected to address events surrounding losses at JPMorgan last year, after London based traders built up an oversized stake in an illiquid derivatives market. The position was so large it earned one trader, Bruno Iksil, the nickname "the London Whale." When the bank unwound the trades, they realised losses of more than $6 billion. An internal investigation concluded the traders in London had mismarked some of the prices of the positions they held, to try to hide losses.

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JPMorgan may settle "Whale" probe for $600 million

Thursday, August 29, 2013 - 01:00