JP Morgan confirms $920m payout

<p>JP Morgan is paying $920 million to four regulators.</p>

JP Morgan has confirmed it is paying $920 million (£573 million) to a group of regulators.

The bank announced that the payout comes after it admitted violating US federal securities laws.

It will pay $200 million to the US Securities and Exchange Commission and £138 million to the UK's Financial Conduct Authority (FCA) under the terms of the deal.

Traders at JP Morgan's London office built up losses in derivatives trades at the beginning of last year that came to be known as the London Whale trades.

Tracey McDermott, the FCA's director of enforcement and financial crime, said: "This is yet another example of a firm failing to get a proper grip on the risks its business poses to the market."

JP Morgan recently announced it recorded a profit of $6.5 billion (£4.3 billion) for the second quarter of 2013, which was a rise of 31 per cent on the same period last year.

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