JPMorgan Chase & Co. (NYSE:JPM) CEO James Dimon is unlikely to be prosecuted in the London Whale case, according to information breaking this afternoon. The case is one of the many legal and regulatory actions currently shaking the investment bank to its core, but none have managed to hit the top of the firm just yet.
ALERT: JPMorgan Chase says SEC does not anticipate action against CEO Jamie Dimon in London Whale case – DJ • $JPM
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The information, which came from an SEC source, said that the regulator did not expect to prosecute the CEO in the running of the London Whale case. The news originally came from CNBC this afternoon and sourced JPMorgan Chase & Co. (NYSE:JPM) for the information.
London Whale prosecution
JPMorgan Chase & Co. (NYSE:JPM) is under investigation for the actions of one trader in a London office of an investment bank in the summer of last year. The case has resulted in several criminal charges being leveled at JPMorgan employees. The FBI revealed this morning that it was investigating the bank for potential wrong doing in the flurry surrounding the London Whale crisis.
JPMorgan Chase & Co. (NYSE:JPM) has already reached a civil settlement with authorities in the United States and the United Kingdom. That deal will cost the investment bank $920 million. That fine came on top of the more than $6 billion the bank lost trading derivatives in the first place.
JPMorgan CEO problems
James Dimon, the CEO of JPMorgan Chase & Co. (NYSE:JPM), is under fire at the moment from all sides. The investment bank is under investigation and inquiry from multiple different directions on commodity trading, trading of mortgage backed securities in the run up to the 2008 financial crisis, and more.
It looks like James Dimon will escape the struggles of a criminal charge this time around, but this may not be the last time regulators knock on the JPMorgan Chase & Co. (NYSE:JPM) door looking for heads. The company may not be out of the fire yet, but shareholders will breath a sigh of relief on this news.