Dimon Sees More Regulator Scrutiny After Whale Loss

JPMorgan Chase & Co., which is under regulatory orders to tighten internal controls following a record trading loss last year, will face more sanctions in the coming months, Chief Executive Officer Jamie Dimon said.

The bet on credit derivatives that lost more than $6.2 billion was “extremely embarrassing, opened us up to severe criticism, damaged our reputation and resulted in litigation and investigations that are still ongoing,” Dimon said yesterday in a letter to shareholders. “We received regulatory orders requiring improved performance in multiple areas, including mortgage foreclosures, anti-money laundering procedures and others. Unfortunately, we expect we will have more of these.”