J.P. Morgan Paying $920 Million To Various Regulators To Settle London Whale Issues

on September 19 2013 9:22 AM

The Federal Reserve Board said on Thursday that JPMorgan Chase & Co. (NYSE:JPM) will pay about $920 million to several regulatory agencies "for deficiencies in the bank holding company's oversight, management and controls governing its Chief Investment Office (CIO)."

JPMorgan will pay the Fed $200 million as part of the arrangement, the Fed said.

The fine is related to the bank's "London Whale" incident, where traders in the CIO built up a huge position in credit derivatives that soured, costing the bank about $6 billion.

In addition to the Fed, JPMorgan is also paying fines to the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Financial Conduct Authority of the United Kingdom. 

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