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JP Morgan fined £572m

Investment bank JP Morgan has been fined £572 million ($920 million) by UK and US regulators over the 'London Whale' trading scandal - the nickname of a bond market trader who was reported to be making trades worth up to $10 trillion in April 2012.

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What is the 'London Whale' trading scandal?

Here are the key points in the "London Whale" trading scandal which led to JP Morgan's £572 million fine by UK and US regulators.

  • The "London Whale" trading scandal happened last year when JP Morgan traders bet huge sums on complex financial instruments and covered up losses when trades went wrong and problems escalated.
  • Trader Bruno Iksil, one of the highest-paid bankers in London at the time, was responsible for losing the bank £1.2 billion through bets of derivative credit default swaps.
  • He has agreed to testify against his colleagues and is reported to have been granted immunity by American prosecutors.
  • The bank was criticised for its high-risk trading strategy, weak management, a poor response to the problems and failing to co-operate with regulators.

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