What is the 'London Whale' trading scandal?

Here are the key points in the "London Whale" trading scandal which led to JP Morgan's £572 million fine by UK and US regulators.

• The "London Whale" trading scandal happened last year when JP Morgan traders bet huge sums on complex financial instruments and covered up losses when trades went wrong and problems escalated.

• Trader Bruno Iksil, one of the highest-paid bankers in London at the time, was responsible for losing the bank £1.2 billion through bets of derivative credit default swaps.
• He has agreed to testify against his colleagues and is reported to have been granted immunity by American prosecutors.

• The bank was criticised for its high-risk trading strategy, weak management, a poor response to the problems and failing to co-operate with regulators.

Read: Breakdown of JP Morgan's £572m fine