The “London Whale” trading scandal, once dismissed as a “tempest in a teapot” by JPMorgan Chase chief executive Jamie Dimon, is costing the largest US bank US$920 million in penalties and a rare public admission of wrongdoing.Friday, 20 September, 2013, 10:10am
JPMorgan Chase and officials at Bank of New York Mellon have won the dismissal of lawsuits accusing them of overcharging clients for trading currencies.
US District Judge Denise Cote in Manhattan threw out a lawsuit that accused the largest US bank by assets of breaching a fiduciary duty to custodial clients by charging “hidden and excessive mark-ups” on currency trades.4 Jul 2013 - 9:47am
John Hogan, who was named chief risk officer at JPMorgan Chase last year just as its London Whale trades began racking up billions of dollars of losses, may leave the company, chief executive Jamie Dimon said on Thursday.14 Jun 2013 - 12:38pm
JPMorgan Chase chief executive Jamie Dimon, who won a strong vote of confidence from shareholders last month, has defended the disclosures the bank made last year about its unfolding London Whale derivatives loss.
“We did everything that we thought was the right thing to do,” Dimon said in response to a question about the episode at an investor conference in New York.12 Jun 2013 - 11:33am