On Air Now

Listen

Listen Live Now » 100.3 FM Green Bay, WI

Weather

Current Conditions(Green Bay,WI 54303)

More Weather »
55° Feels Like: 55°
Wind: W 5 mph Past 24 hrs - Precip: 0.03”
Current Radar for Zip

Tonight

Mostly Clear 41°

Tomorrow

Sunny 66°

Wed Night

Clear 43°

Alerts

Regulator plans to sanction JPMorgan on "Whale" trade-report

(Reuters) - A U.S. bank regulator is planning to issue a formal action against JPMorgan Chase & Co , demanding that the bank fix lapses in risk controls that allowed some of its traders to build a risky bet that lost $6.2 billion, the Wall Street Journal reported on Thursday.

The Office of the Comptroller of the Currency, a division of the Treasury Department that oversees banks, is not expected to levy a fine, but it does plan to issue an enforcement action, the Journal reported, citing unnamed people familiar with the matter.

It would be the first regulatory sanction stemming from the high-profile trading debacle at JPMorgan, which happened in its London office. Bruno Iskil, a trader involved with the bet, earned the nickname "London Whale" because of the huge position he and his colleagues had been built using complex derivatives.

Spokespeople for JPMorgan did not immediately return a request for comment.

(Reporting By Lauren Tara LaCapra; Editing by Jeremy Laurence)

Comments