Reuters: Regulatory News: JPMorgan makes deals to pay $920 million for Whale probes

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JPMorgan makes deals to pay $920 million for Whale probes Sep 19th 2013, 13:05 Sept 19 | Thu Sep 19, 2013 9:05am EDT Sept 19 (Reuters) - JPMorgan Chase & Co the biggest U.S. 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 U.S. Office of the Comptroller of the Currency, $200 million to Federal Reserve, $200 million to the U.S. 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.

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