The US Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency, the Federal Reserve and the UK's Financial Conduct Authority charged JPMorgan civilly with poor controls surrounding the giant bet, which ultimately cost the company more than $6 billion. . AFP PHOTO / FILES / Emmanuel Dunand Source: AFP
JPMORGAN Chase chief Jamie Dimon is holding talks with the Department of Justice on a possible $US11 billion ($12 billion) deal to settle alleged violations, a source close to the matter says.
Dimon and US Attorney General Eric Holder met in Washington overnight amid intense negotiations to wrap up a slew of misbehaviour allegations against JPMorgan, the biggest US bank by assets.
The Justice Department has more than a half-dozen investigations open into the bank, and it faces potentially expensive charges from other regulatory bodies as well, both civil and criminal.
Some of the probes relate to the sale of mortgage-backed securities before the financial crisis, and to the bank’s hiring of the relatives of top Chinese officials.
On September 19, JPMorgan agreed to pay $US920 million in fines to US and British regulators over the “London whale” trading debacle.
