11/24/2023 0 Comments Chase bank drug bust![]() Maintaining the integrity of markets is a key part of our wholesale conduct agenda. ![]() "When the scale of the problems at JPMorgan became apparent, it sent a shock-wave through the markets. Tracey McDermott, the FCA’s director of enforcement and financial crime said: These losses arose as a result of what became known as the “London Whale” trades, and were caused by a high risk trading strategy, weak management of that trading and an inadequate response to important information which should have notified the firm of the huge risks present in the CIO’s Synthetic Credit Portfolio (SCP). The breaches occurred in connection with the $6.2 billion trading losses sustained by CIO in 2012. JPMorgan’s conduct demonstrated flaws permeating all levels of the firm: from portfolio level right up to senior management, resulting in breaches of Principles 2, 3, 5 and 11 of the FCA’s Principles for Businesses - the fundamental obligations firms have under the regulatory system. (“JPMorgan”) £137,610,000 ($220 million) for serious failings related to its Chief Investment Office (CIO). ![]() ![]() The Financial Conduct Authority (FCA) has fined JPMorgan Chase Bank N.A. ![]()
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