While regulators were fast to crow and politicians quick to gloat over JPMorgan Chase's most recent legal troubles, banking analysts largely shrugged.
On Thursday, U.S. and U.K. regulators announced that JPMorgan Chase would admit wrongdoing and pay $920 million in penalties for its so-called London Whale trading losses in 2012.
The charges related to the case of traders Bruno Iksil, Javier Martin-Artajo and Julien Grout in the firm's London office. They allegedly made a wrong-way bet on financial contracts known as derivatives, and the bank suffered more than $6 billion in losses on the trade. Martin-Artajo and Grout were charged in the case, but Iksil was not.
While news of the fine created another stir in the banking community, its longer-reaching effects were less obvious.