Investment bank JP Morgan has been fined £572 million ($920 million) by UK and US regulators over the 'London Whale' trading scandal - the nickname of a bond market trader who was reported to be making trades worth up to $10 trillion in April 2012.
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.
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