JPM Fined $750 Million by US for 2012’s London Whale Trades

ImageNEW YORK (MarketWatch) – J.P. Morgan Chase & Co. will be fined $750 million related to its so-called London Whale trading losses, according to a report by Bloomberg. The announcement on the settlement with regulators could come as soon as this week, said the report. Regulators have been in intense negotiations with the firm to reach a settlement over the events that led to the firm to take over-sized bets in complex derivatives trades. The firm’s Chief Executive Officer Jamie Dimon initially dismissed reports on the losses as a “tempest in a teapot” but later apologized to investors over the losses that were ultimately over $6 billion. U.S. prosecutors have charged two employees for wire fraud and conspiracy to falsify records related to the losses. 

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