No big whoop for a company with about $100 billion in annual revenue. JPMorgan Chase will be forking over $920 million in fines to settle potential liabilities over $6.2 billion in derivatives trading losses by the “London Whale” last year. Regulators cited the bank with improper risk oversight and keeping board members and financial regulators in the dark about the trades. “We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them,” chief executive Jamie Dimon said in a statement. The payout doesn’t mean the biggest U.S. bank is totally out of the woods; it’s also under fire for alleged bribery in China and possibly fraudulent sales of mortgage-backed securities.
Read it at Reuters
