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JP Morgan fined £572m

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.

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JP Morgan: 'We have accepted responsibility'

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.)

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.

– JP Morgan chairman and chief executive Jamie Dimon

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