Authorities in the United States and Britain are set to hand down roughly $750 million in fines against JPMorgan Chase over the bank's disastrous "London Whale" trading losses last year, according to people familiar with the negotiations.
The settlements could be announced as soon as this week, said the people, who were not authorized to speak publicly because the settlements have not been finalized. It will resolve a majority of the investigations that were launched after officials revealed that its traders in London placed bad bets on credit derivatives that resulted in billions of dollars in losses.
The bank may make a rare declaration of wrongdoing in its agreement with the Securities and Exchange Commission (SEC), which recently introduced a policy demanding admissions of misconduct in certain types of civil settlements, according to a person familiar with the negotiations.
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