J.P. Morgan may admit wrongful conduct over its $6bn 'London Whale' trading loss as it nears a settlement with US and UK authorities, according to reports.
The bank, which sustained losses of $6.2bn last year as a result of derivative bets gone awry, may depart from the typical settlement practice of "neither admitting nor denying" culpability, the FT reports. JPM chief executive Jamie Dimon (pictured) has previously apologised to shareholders for the incident. But the bank has repeatedly stated that executives did not deliberately mislead investors over the losses. The US Securities and Exchange Commission and the UK's Financial Conduct Authority are both conducting probes into the incident. A separate investigation by the FBI is als...
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