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JP Morgan 'set for $13bn fine'

Banking giant JP Morgan is set for a record $13 billion (£8 bn) fine to settle investigations into bad mortgage loans they sold to investors before the financial crisis in 2008, US media reports said.

JP Morgan 'agrees to pay $13bn fine' with US govt

Banking giant JPMorgan has tentatively agreed to pay $13 billion (£8 billion) to settle allegations surrounding the quality of mortgage-backed securities it sold in the run-up to the 2008 financial crisis.

JP Morgan 'agrees to pay huge fine' Credit: Charles Guerin/ABACAUSA.COM

If the agreement is finalised it would be the US government's highest-profile enforcement action related to the financial meltdown that plunged the economy into the deepest recession since the Great Depression of the 1930s.

The source said Attorney General Eric Holder, Associate Attorney General Tony West, JP Morgan chief executive Jamie Dimon and the bank's general counsel, Stephen Cutler, negotiated the tentative settlement in a Friday night phone call.

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