According to IFAOnline, JPMorgan Chase (JPM) has been fined a total of $920 million over the infamous ‘London Whale’ trades, which led to derivative losses last year of $6 billion.
The Financial Conduct Authority (FCA) has fined the investment bank for failing to effectively supervise traders in the 'London Whale' affair, and for failing to accurately report its trading positions. The FCA's decision has been coordinated with regulators in the US as part of an overall settlement of $920m.
The FCA said the bank's serious failings related to its chief investment office but its conduct demonstrated flaws on all levels of the firm: from portfolio level right up to senior management.
