JPMorgan Chase and regulators, according to published reports, are on the cusp of a $700-$800 million settlement over its “London Whale” trades, risky derivatives gambles that cost the bank more than $6 billion in losses and was initially hidden from shareholders. Perhaps in anticipation of that announcement, in a letter to all bank employees, CEO Jamie Dimon outlined compliance and controls efforts the bank is making.
“Unfortunately, we are all well aware of the news around the legal and regulatory issues facing our company, and in the coming weeks and months we need to be braced for more to come,” Dimon wrote.
