JPMORGAN CHASE AFTER $6.2 BILLION LOSS IN "LONDON WHALE" REFUSES TO ADMIT WRONGDOING IN SETTLEMENT WITH SEC

JPMORGAN CHASE & CO.

JPMorgan is negotiating the final terms of a deal with the Securities and Exchange Commission to close the regulator’s yearlong investigation into the “London Whale” bet that led to the bank’s largest trading ever, according to sources.
While the bank is prepared to say it erred in overseeing traders in London, CEO Jamie Dimon and his executive team have refused to admit to mistakes beyond what has already been disclosed, one of the people said.

The SEC, under new chief Mary Jo White, has earmarked this case as a demonstration of the agency’s new policy of admitting wrongdoing in order to settle the case. Without such an admission, it will proceed to trial.



JAMIE DIMON

Bruno Iksil, the trader at the center of the $6.2 billion trading loss last year, will not face charges related to the incident, a source familiar with the matter said yesterday.