Whale scandal costs JPMorgan US$920m in fines

The total penalty imposed on JPMorganChase still falls well short of the US$1.92 billion that HSBC Holdings agreed to pay last year to settle money laundering charges. Photo: Reuters

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, Bank of NY Mellon win dismissal of forex lawsuits

A Manhattan judge has thrown out lawsuits against JPMorgan Chase and officials at Bank of New York Mellon. Photo: Reuters

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

JPMorgan makes another change in chief risk office

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 boss Dimon defends disclosures in Whale episode

JPMorgan Chase chief executive Jamie Dimon has faced repeated criticism over the London Whale. Photo: Reuters

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