Recapping the day's news and newsmakers through the lens of CNBC.
Jamie Dimon says he's wrong
JPMorgan Chase will pay a whale of a fine for the $6 billion "London Whale" trading scandal: $920 million. And, in a departure from long-standing practice, the firm has actually admitted guilt in its settlement with regulators. The firm still faces additional regulatory action over the derivatives debacle, as well as investigations over other issues.
The lingering question: Will a fine this big deter wrongdoing? Regulators working on the Volcker Rule to restrict risky trading are said to be invoking the London Whale in pushing for tighter rules for all Wall Street firms.
"We will continue to strive towards being considered the best bank—across all measures—not only by our shareholders and customers, but also by our regulators. Since these losses occurred, we have made numerous changes that have made us a stronger, smarter, better company."
—JPMorgan CEO Jamie Dimon
"Even though today's action is a big milestone for the firm and regulators, this chapter and this book are not closed just yet."
—CNBC's Kayla Tausche