JP Morgan to Pay Hefty “London Whale” Fines (JPM)

Financial giant JP Morgan (JPM) will be pay a fine in order to settle the regulatory probes into the famed “London Whale” incident.

The “London Whale” incident came in early 2012 when JP Morgan lost billions at the hands of what the company called a “rogue trader,” who we now know to be Bruno Iksil. It was reported that the company agreed to a $750 million fine, which stemmed from the admission of faulty internal controls.

JP Morgan is reported to be trying to close out as may inquiries as possible before the quarter ends at the end of September. Another former trader is currently being charged with attempting to cover the bank’s losses, though his statements have all pointed to his former boss Iksil.

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JP Morgan shares were up 55 cents, or 1.04%, at Monday’s close. The stock is up over 20% this year.