That same day, the nation's commodities trading regulator, which is investigating whether the London losses manipulated the market, warned that it intended to file an enforcement action against the bank after settlement talks broke down. The agency wanted a $100 million fine, people briefed on the matter said, and an acknowledgment of wrongdoing, a demand that the bank balked at.
Even as regulators on Thursday announced a settlement over the "London whale" trading loss, the weariness expressed at the board meeting underscored the bank's stunning fall from favor. JPMorgan emerged from the financial crisis healthier and more profitable than its rivals, and its chief executive, Jamie Dimon, was hailed as a wise and responsible manager. In just 18 months, however, JPMorgan has swung from Washington's favorite bank to financial punching bag.
The bank is now facing scrutiny from at least seven federal agencies, several state regulators and two foreign nations. The Consumer Financial Protection Bureau, the people briefed on the matter said, is ramping up an investigation into the bank's debt collection practices. And the board on Monday learned new details about JPMorgan's decision to hire the children of well-connected Chinese officials, the focus of a wide-ranging federal investigation.
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Investigations further outside the public spotlight also came into focus at the meeting. The bank's lawyers, the people said, briefed the board about mounting scrutiny of JPMorgan's dealings with foreign banks vulnerable to money laundering.
Despite the onslaught, JPMorgan reached some closure on the "London Whale" case, agreeing to pay $920 million in fines that resolved investigations from four regulators: the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve and the Financial Conduct Authority in London. The bank agreed to pay $300 million to the comptroller's office, and about $200 million to the S.E.C. and each of the other agencies.
Still, the S.E.C. is continuing to scrutinize the losses amid angry calls from lawmakers and consumer advocates. Federal prosecutors and the F.B.I. in Manhattan are also investigating.
In a separate settlement announced on Thursday, the bank agreed to pay $80 million to the comptroller's office and the Consumer Financial Protection Bureau, which accused JPMorgan of charging its credit card customers for identity theft products they never received.
Under the deal with the S.E.C. over the trading loss, JPMorgan took the unusual step of acknowledging that it had violated federal securities laws. That concession reverses a decades-long policy at the S.E.C. to allow banks to "neither admit nor deny" wrongdoing.
"We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them," Mr. Dimon said in a statement. "Since these losses occurred, we have made numerous changes that have made us a stronger, smarter, better company."
Still, in the orders on Thursday, regulators cited the bank for "deficiencies" in oversight of the trading. The group at JPMorgan responsible for double-checking the traders' estimated profit and losses was so "under-resourced" and "unequipped," authorities said, that it consisted of a single employee. Regulators also cited "spreadsheet miscalculations" and the use of "subjective" standards for how the traders valued their bets.
The "severe breakdowns" detailed in the orders, authorities say, allowed the group of traders in the bank's chief investment office in London to go unchecked even as they amassed the risky bet using financial contracts known as derivatives. When losses soared, the government said, the traders deliberately "manipulated and inflated the value" of their positions.
Federal prosecutors and the F.B.I. in Manhattan have since brought criminal charges against two of the traders: Javier Martin-Artajo and Julien Grout, who deny the accusations. A third trader — Bruno Iksil, who was nicknamed "the London Whale" for his role in the huge positions — avoided charges and instead struck a nonprosecution deal with the authorities.
The S.E.C. on Thursday also cited JPMorgan Chase for misstating its financial results. In July 2012, the bank restated its first-quarter earnings lower by $459 million, conceding errors in the traders' valuations of losses.
The S.E.C. attributed much of the blame to JPMorgan's senior management, who did not bring concerns about the losses to the bank's board.
For example, executives learned in April that the traders appeared to inflate the value of their bets by anywhere from $275 million to $767 million. And in an e-mail about that time, a member of JPMorgan's senior management noted that disputes over the price of the trades were not "a good sign on our valuation process."
And yet, at a meeting in early May with the audit committee of the board, there was "no discussion" of the disparities, the commission said.
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"While grappling with how to fix its internal control breakdowns, JPMorgan's senior management broke a cardinal rule of corporate governance and deprived its board of critical information," George S. Canellos, co-director of the S.E.C.'s enforcement division, said in a statement.
That culture of secrecy spread through the bank, authorities said. In response to concerns from a senior executive about information leaking to the marketplace, an executive in JPMorgan Chase's investment bank promised that the group investigating the trades "speaks to no one" without "my express approval first."