“London Whale” fiasco Still Haunting JPMorgan Chase & Co (NYSE:JPM)

Posted by Michael Korte October 8, 2013 0 Comment 1181 views

JPMorgan Chase & Co (NYSE:JPM) has denied the charges that have come from the Commodity Futures Trading Commission that the bank has manipulated some credit-markets. The “London Whale” fiasco has been plaguing the company for over a year now. Two people in the know said that the bank is willing to fight this case from the regulator, in a court.

On 16 September, JPMorgan Chase & Co (NYSE:JPM) was informed by the Commodity Futures Trading Commission that their staff was recommending that the bank be charged for artificially-inflating corporate-derivative prices in 2012. The bank was given a deadline of 14 calendar-days to respond to this notification that is called the ‘Wells Notice’. If they choose not to respond, they are required to settle the charges. In case they choose to settle, the CFTC has been seeking some very tough terms said the people who were familiar with the issue. The regulators were asking for a payment that amounted to $100M as well as an admission of wrongdoing.

Monday’s trading session

In Monday’s trading, JPMorgan Chase & Co (NYSE:JPM) rose by 1.59%. The opening price of the shares was $52.29, which climbed to an intraday high of $52.36 and dipped to a close of $51.83. Approximately 16.16 million shares were traded on Monday while an average volume of 20.45 million shares were traded over a 30 day period.

About the company

JPMorgan Chase & Co (NYSE:JPM) is a financial-holding company. It is an international financial-services firm and a banking-institution in the U.S that has global operations. It is involved in investment-banking, financial-services for consumers, small businesses, commercial-banking, financial-transaction processing, asset-management and private-equity. JPMorgan Chase & Co (NYSE:JPM)’s primary bank-subsidiaries are 1) JPMorgan Chase Bank, 2) National Association 3) Chase Bank USA and 4) National Association its activities are organized into 4 business segments and Corporate/Private Equity.

About Michael Korte

Michael Korte an investigative reporter at GDP Insider and is a breaking news reporter. Michael work includes investigations of misconduct by federal prosecutors and industrial air pollution around the nation's schools. His reporting has been recognized with the Hillman Prize for Newspaper Journalism, the Grantham Prize for Excellence in Reporting on the Environment, and the Philip Meyer Journalism Award for reporting that incorporates social science methods.

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