JPMorgan Chase (JPM) was demoted in a confidential government scorecard that evaluated the company's management and board, the Wall Street Journal reported. 

The recent downgrade is said to be related to the revelation of the company's previous whale trades.

The scorecard is determined by the Office of the Comptroller of the Currency and ranks companies on a scale of 1 to 5, 5 being the worst, the article said.

JPMorgan was demoted from a 2 to a 3, indicating the capabilities of management or the board may be insufficient and require improvement.