JPMorgan will face $900M in fines, admit wrongdoing in Whale case: NYTimes

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

JPMorgan (JPM) will pay in excess of $900M in fines and admit to wrongdoing on Thursday, in an effort to settle multiple investigations into the whale-sized blunder (we're running out of whale jokes at this point) that took place in Q1 2012 at the firm's London CIO office, the NY Times says.

The government authorities involved in the deal reportedly are the SEC, the OCC, the Fed, and the Financial Conduct Authority in London.

Although it looks likely the blame will not be placed with any of the higher-ups, the bank "will acknowledge that it had lax controls and should have caught the problem faster," Jessica Silver-Greenberg and Ben Protess write.