Banking

JP Morgan Chase To Pay Regulators $920 Million in Fines Relating To "London Whale" Losses

Two former traders facing criminal charges relating to the case

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US bank JP Morgan Chase has agreed to pay four regulators $920m (£572m) relating to a $6.2bn loss racked up over the "London Whale" trades.

Under the settlement, $200m will go to the US Securities and Exchange Commission and $220m to the UK's Financial Conduct Authority.

As part of the deal JP Morgan admitted violating US federal securities laws.

Traders at JP Morgan's London office built up huge losses in derivatives trades at the beginning of last year.

Two former JP Morgan traders face criminal charges in the US relating to the case.

They deny charges of lying about the size of their trades in order to hide their mounting losses.

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