J.P. Morgan Chase has been fined a total of £572m over the infamous 'London Whale' trades which lost it billions of dollars last year, with the FCA alone imposing a near record £138m fine on the bank.
The Financial Conduct Authority (FCA) fined the bank £137.6m for failing to effectively supervise traders in the 'London Whale' affair, and for failing to accurately report its trading positions. The saga saw J.P. Morgan sustain $6.2bn (£3.85bn) in trading losses last year after derivatives trades made in its London offices went awry. Today's FCA's decision has been coordinated with regulators in the US as part of an overall settlement of $920m (£572m). However, the bank could still face additional charges filed against it. The FCA said it would implement tougher compliance, report...
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