JPMorgan Chase will settle with regulators for nearly $1 billion for the London Whale trading fiasco and other lapses in the banking giant's oversight and controls, the Federal Reserve announced Thursday.
In the midst of a blizzard of regulatory and legal problems, the Fed slapped the bank with a $200 million penalty for "deficiencies in risk management." In January, the Fed ordered JPMorgan to take action on practices the regulator deemed as "unsafe or unsound."
As a result of its risk management issues, JPMorgan will pay a total of $920 million to various regulators. In addition to the Fed's fine, the U.S.'s largest bank will fork over $300 million to the Office of the Comptroller of the Currency, $200 million to the Securities and Exchange Commission and approximately $220 million ($137 million pounds) to the United Kingdom's Financial Conduct Authority.