New York - JPMorgan Chase & Co the biggest US bank, will pay approximately $920 million in penalties to regulators in two countries to settle some of its potential liabilities from its $6.2 billion London Whale derivatives loss last year, according to terms made public on Thursday.
The penalties include $300 million to the US Office of the Comptroller of the Currency, $200 million to Federal Reserve, $200 million to the US Securities and Exchange Commission and 137.6 million pounds ($219.74 million) to the United Kingdom's Financial Conduct Authority.
The regulators' citations focus on failures in risk management and financial reporting systems.
JPMorgan was also cited for failing to tell its board of directors and regulators about deficiencies in its risk management systems that had been identified by management. - Reuters