After losing $6 billion in the “London Whale” trading scandal, JPMorgan Chase & Co. has settled on a whale of a fine with regulators. The New York Times reports that the bank, the largest in the U.S., is expected to fork out as much as $900 million to regulatory agencies in the U.S. and London.
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Insiders on the deal said the bank would acknowledge that lax controls enabled traders to bury losses on risky trades. Two former employees have already been charged with providing deceptive valuations of the complex securities at the heart of the scandal. No senior executives are expected to be held directly responsible when the settlement is announced this Thursday.