JPM is Poised to pay about $900 Million to Settle Whale Probes
To resolve the claims of the UK and the US, JPMorgan Chase & Co. (JPM) is set to pay $900 million. The negligent internal controls lead the bank to supply wrong data related to the previous year records of loss in trade to the board, investors and regulators.
The bank will declare the agreement along with four regulators. This deal will be regarding its handling of business and will be preceded by an employee, the London Whale.
The pay of Jamie Dimon, Chief Executive Officer, was cut to half last year after the board found him responsible for faulty supervision of the trade. This was told by an employee on September 17. He also told that bank is making an "unprecedented effort" to make the things easier and to make good relations with the supervisor.
A penalty of $300 million is being imposed by the Office of the Comptroller of the Currency. Whereas, the U. S. Securities and Exchange Commission, Federal Reserve and the U. K.'s Financial Conduct Authority are charging $200 million in sanctions.
John Coffee declared "This is the financial blunder of the decade". He is a security law professor at Columbia University in New York. Senior people at JPMorgan mainly give careless, slow response and some puzzled self-protective statements.
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