JPMorgan Must Fix Risk Management In 'London Whale' Deal

Law360, New York (January 14, 2013, 5:55 PM EST) -- JPMorgan Chase & Co. must improve its risk management and measurement tools under enforcement actions filed by federal regulators Monday, but the bank will not pay any fines for deficiencies that caused a $6 billion derivatives trading loss in one of core units last year.

The Office of the Comptroller of the Currency and the Federal Reserve issued separate cease and desist orders against the New York-based bank after finding that JPMorgan did not sufficiently monitor trading activities by the Chief Investment Office, the unit where...
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