JPMorgan's London Whale Saga Ends Quietly as Fed Drops Its Order
- Bank released from enforcement case sparked by $6 billion loss
- JPMorgan satisfied requirements to fix internal controls: Fed
Pedestrians cross a foot bridge towards the offices of JPMorgan Chase & Co. in London.
Photographer: Chris Ratcliffe/Bloomberg
This article is for subscribers only.
JPMorgan Chase & Co. has formally put to rest a particularly embarrassing chapter in its history: the so-called London Whale trading debacle that triggered a loss of at least $6.2 billion for the Wall Street bank.
With the Federal Reserve terminating a 2013 order against JPMorgan, regulators as of Thursday consider the case closed. The Fed said it’s dropping the matter “on evidence of substantial improvements by the firm,” the central bank said in a statement.