Get out of Whale fee

19 September 2013 By Dominic Elliott, George Hay Follow @gfhay

Many of the Whale fail’s gory details were already known. But U.S. and especially UK watchdogs have given the most jaw-dropping account yet of how the bank mismanaged the trading book, responded to the crisis and misled its regulators. CEO Jamie Dimon has even less wiggle room.

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JPMorgan Chase on Sept. 19 announced it had reached a settlement with several regulators over events surrounding its $6.2 billion trading loss last year.
The bank has admitted wrongdoing and is to pay a total of $920 million in fines. Of this, $300 million will be paid to the U.S. Office of the Comptroller of the Currency, $200 million to both the Federal Reserve and the Securities and Exchange Commission and 137.6 million pounds ($219.74 million) to the UK’s Financial Conduct Authority.
The U.S. Commodity Futures Trading Commission is still investigating the bank and U.S. prosecutors are still carrying out a criminal probe.
In its report the FCA concluded that JPMorgan had “deliberately misled” the regulator.

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