JP Morgan fined £572m

Investment bank JP Morgan has "accepted responsibility" for serious failings over the the 'London Whale' trading scandal that triggered losses of $6.2 billion (£3.9 billion.)

• What is the 'London Whale' trading scandal?

• JP Morgan fined £572m

Investment bank JP Morgan's combined £572 million fine today by UK and US regulators over the 'London Whale' trading scandal is the second biggest banking fine, behind HSBC's £1.1 billion money laundering penalty in 2012.

Here is a breakdown of the biggest fines in banking history:

Source: Reuters

• 1) Bank: HSBC (2012). Fine: £1.1 billion. Reason: Money laundering.
• 2) Bank: JP Morgan (2013). Fine: £572 million. Reason: 'London Whale' trading scandal.
• 3) Bank: UBS (2009). Fine: £485 million. Reason: Tax evasion.
• 4) Bank: Standard Chartered (2012). Fine: £415 million. Reason: Anti-sanctions.

• 5) Bank: ING (2012). Fine: £385 million. Reason: Anti-sanctions.
• 6) Bank: Goldman Sachs (2010). Fine: £359 million. Reason: Misleading investors.
• 7) Bank: Credit Suisse (2009). Fine: £333 million. Reason: Anti-sanctions.

• 8) Bank: ABN Amro (2010). Fine: £311 million. Reason: Anti-sanctions.
• 9) Bank: Barclays (2010). Fine: £280 million. Reason: Libor manipulation.
• 10) Bank: Lloyds Bank (2009). Fine: £218 million. Reason: Anti-sanctions.

Read: JP Morgan fine: 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

Here are the key points behind JP Morgan's £572 million fine issued by US and UK regulators.

• JP Morgan was handed a £137 million fine by the the UK's Financial Conduct Authority (FCA), the second biggest ever issued by a UK authority.
• The bank was also given a £435 million penalty by three American regulators, including the US Federal Reserve.

• JP Morgan's total fine for "serious failings" over the London Whale trading scandal is £572 million.

Read: JP Morgan fine second biggest issued by UK authority

The £137.6 million fine given to JP Morgan is the second largest ever issued by a UK regulatory authority.

The biggest fine happened in December last year when UBS were given a £160 million penalty by the Financial Services Authority (FSA) over libor failings.

Read: FCA: JP Morgan's failings 'extremely serious'

The Financial Conduct Authority (FCA) says JP Morgan's failings over the "London Whale" trading scandal are "extremely serious" and undermine "confidence in UK financial markets".

In a statement, the FCA's director of enforcement and financial crime, Tracey McDermott, said:

Read: FCA fine JP Morgan for 'breach of principles'

The Financial Conduct Authority (FCA) has fined JP Morgan £572 million ($920 million US dollars) for serious failings related to its Chief Investment Office (CIO).

The bank breached four of the FCA’s Principles for Businesses - the fundamental obligations firms have under the banking regulatory system.

The breaches occurred in connection with the $6.2 billion trading losses sustained by CIO in 2012.

The losses were part of the “London Whale” trading scandal and the bank's reportedly high risk "hedging" strategy.

Read: JP Morgan fined £572m over trading scandal

Investment bank JP Morgan has been fined £572 million ($920 million) by UK and US regulators over the "London Whale" trading scandal.