Regulators in the U.S. and UK have levied $920 million in fines on JPMorgan Chase in connection with the “London whale” trading losses, reports the Financial Times.
“In the US, the Office of the Comptroller of the Currency levied a $300m fine for ‘unsafe and unsound practices.’ The Securities and Exchange Commission levied a $200m fine for ‘a failure to maintain effective internal controls over financial reporting.’ The Federal Reserve levied a $200m fine for deficiencies including ‘senior management’s elevation of issues to the board of directors,’ ” notes the report.
The UK’s Financial Conduct Authority imposed a fine of £137.6 million “for a failure in ‘skill, care, and diligence, management and control, proper market practice, and disclosure to regulators,’ ” the report adds.
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