#AceDebtNews a bank brought to book for doing wrong is rare, but could the time becoming when every banker has to pay the piper, from his own funds, rather than his clients!
Are the tides turning? A Bank being held to task? Perhaps this is ‘Battle of the Banks’ where the illuminati fight over which one is going to run the forthcoming world.
US bank JP Morgan Chase has agreed to pay four regulators $920m (£572m) relating to a $6.2bn loss incurred as a result of the “London Whale” trades.
Under the settlement, $200m will go to the US Securities and Exchange Commission (SEC) and £138m to the UK’s Financial Conduct Authority (FCA).
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.