JPMorgan near deal on Whale probes for about $700 mln - source

Reuters

REUTERS - JPMorgan Chase & Co (NYS:JPM - News) is near a final settlement of probes into its London Whale derivatives loss and expects to pay about $700 million, according to source familiar with the matter.

Completion of the deal depends on coordinating agreements with multiple government agencies, the source said.

The source spoke after Bloomberg News and the Wall Street Journal reported that JPMorgan has agreed with regulators on how much it will pay.

The bank lost $6.2 billion last year on the trades made from its offices in London. (Reporting by David Henry in New York; Editing by Carol Bishopric)

View Comments