JP Morgan to pay over $900 million in penalties

They have also admitted wrongdoing over losses through a London banker, who has been labelled the “London Whale”. The bank has said this is, "a major step in the firm's ongoing efforts to put these issues behind it." The penalties are the settlement of a probe into the companies $6.2 billion of derivatives trading losses last year. The US Securities and Exchange Commission said, "JPMorgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses."