Daily News: August 9, 2013

JPMorgan Said to be Near Settlement on ‘London Whale’ Loss

Bloomberg reported, citing people briefed on the talks, that JPMorgan Chase is negotiating final terms of a deal with U.S. securities regulators to end a yearlong probe of derivatives bets that led to the bank’s biggest trading loss ever.

Bloomberg said that while JPMorgan is prepared to say it erred in how it oversaw a unit and London-based traders, executives aren’t likely to admit mistakes beyond what they already disclosed.

To read the Bloomberg story click here.

Previously on abfjournal: Reuters: Dimon Defends Disclosures in Whale Episode, June 12, 2013