JPMorgan in $883 million 'London whale' settlement: Report
NEW YORK (AFP) - JPMorgan Chase will pay at least US$700 million (S$883.3 million) in fines as part of a settlement linked to its handling of its "London whale" trading loss, The Wall Street Journal reported on Monday.
The Wall Street banking giant is expected to admit guilt as part of the settlement, the Journal said.
JPMorgan's trading fiasco, dubbed the "London whale" because of the location and size of bets that went sour, cost the bank US$6.2 billion in losses last year.
"The settlement is related to inaccurate values two former traders in the London outpost of the Chief Investment Office placed on their own transactions," the newspaper said.