JPMorgan Chase slapped with $920M in fines

Regulators in the U.S. and UK have levied $920 million in fines on JPMorgan Chase in connection with the “London whale” trading losses, reports the Financial Times.

Read: More regulatory trouble for JPMorgan

“In the US, the Office of the Comptroller of the Currency levied a $300m fine for ‘unsafe and unsound practices.’ The Securities and Exchange Commission levied a $200m fine for ‘a failure to maintain effective internal controls over financial reporting.’ The Federal Reserve levied a $200m fine for deficiencies including ‘senior management’s elevation of issues to the board of directors,’ ” notes the report.

The UK’s Financial Conduct Authority imposed a fine of £137.6 million “for a failure in ‘skill, care, and diligence, management and control, proper market practice, and disclosure to regulators,’ ” the report adds.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.