On Thursday, investment bank JPMorgan Chase & Co (JPM
) announced that it will pay $920 million in a “London Whale” settlement.
JPM will pay $920 in penalties in the U.S. and the U.K. to settle liabilities from its $6.2 billion derivatives loss. The company will pay $300 million to the U.S. Office of the Controller of the Currency, $200 million to the Federal Reserve, $200 million to the SEC and 137.6 million pounds to the UK’s Financial Conduct Authority.
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JPM’s CEO and Chairman Jamie Dimon commented: "We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them. We will continue to strive towards being considered the best bank – across all measures – not only by our shareholders and customers, but also by our regulators. Since these losses occurred, we have made numerous changes that have made us a stronger, smarter, better Company."
JPMorgan shares were down 55 cents, or 1.03%, during Thursday morning trading. The stock is up 20% YTD.
