US bank fined £572m over scandal

JP MorganUS investment bank JP Morgan Chase has been fined 920 million US dollars (£572 million) by regulators for "serious failings" over the London Whale trading scandal.

The high-risk trading scandal last year triggered 6.2 billion US dollars (£3.9 billion) of losses and sent shock waves through financial markets.
%VIRTUAL-SkimlinksPromo%JP Morgan was handed a £137 million fine by the the UK's Financial Conduct Authority (FCA) and penalties totalling 700 million US dollars (£435 million) by three American regulators, including the US Federal Reserve.

The FCA said JP Morgan's "extremely serious failings" undermined confidence in UK markets.
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