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JPMorgan Pays out $920 Million Settlement

  +Follow September 19, 2013 10:19AM
Tickers Mentioned:

JPMorgan Chase & Co (JPM) can breathe a little easier as they’ve just taken a major step in putting the infamous “London Whale” trading loss behind them. On Sept. 19 the bank settled investigations into the bank’s attempt to cover up the trading loss. with the US Office of the Comptroller of Currency, The Securities and Exchange Commission, the Federal Reserve, and the UK Futures Trading Commission to the tune of $920 million, and an admission they violated federal financial laws.

The settlement placates the majority of governmental agencies that had been looking into the bank following the London Whale scandal came to a head. However, the bank is still being investigated by a handful of government agencies like the Federal Bureau of Investigation, the Justice Department, or notably the Commodity Futures Trading Commission. The settlements with those companies are expected to total in the hundreds of millions as well.

JPMorgan is going to great lengths to put distance between them and the London Whale, a massive trading loss out of the bank’s London branch that ended up costing $6.2 billion. JPMorgan hid the losses from investors, and initially understated them on their initial earnings report.

While this round of settlements gives JPMorgan some breathing room, their legal woes are far from over. Aside from the aforementioned agencies still investigating the company, the bank is still dealing with accusations they bribed Chinese officials for favorable contracts, and possible shareholders litigation. As JPMorgan was forced to admit they broke the law, shareholders could still theoretically try to recoup money they lost resulting from the stock drop caused by the London Whale.

Of particular note is the Commodity Futures Trading Commission, a regulatory body JPMorgan is going to great lengths to appease. The bank has already put their physical commodities desk up for sale, and is looking to move the controversial head of the bank’s commodities exchange out of the company.    

If JPMorgan is able to settle their legal troubles, the bank is poised to break out. The company posted record profits in 2012, and issued triumphant earnings reports in the first and second quarter of 2013.

JPMorgan is down 1.18 percent to hit $52.78 a share.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Results for jpm
Attracta Mooney
6 Mar 15 03:01:11
RT @newlands_chris: Intriguing: JPMorgan's fund performance numbers are hard to recreate http://t.co/dly6Su9lIh $JPM
6 Mar 15 03:01:10
Weekly Dow #Stocks Trend $HD $DD $UNH $BA $GE $NKE $MCD $IBM $DIS $V $TRV $PFE $JPM $VZ $JNJ $UTX $KO $CSCO $T @ http://t.co/TvzJfd0RGT
Ophir Gottlieb
6 Mar 15 02:15:13
$JPM Earnings and Revenue per Employee Trends #CML http://t.co/EEIyobFjNN
6 Mar 15 02:11:18
RT @Benzinga: Here's The Banks Gaining Market Share...And Those Going In The Wrong Direction http://t.co/9XwdmbsNq1 $BAC $C $JPM http://t.c…
Stock Wire
6 Mar 15 01:51:56
Anu Aiyengar Named Co-Head of M&A at JP Morgan Chase $JPM http://t.co/W3Q6GjGY81
Darin Oliver
6 Mar 15 01:50:33
@Schuldensuehner Until #FED raises rates or #ECM pushes yields to -3% ( $JPM forecast)considering other fundamentals $usdeur is way overdone
6 Mar 15 01:50:02
The banks are going to be green tomorrow $BAC $C $WFC $JPM $KEY
6 Mar 15 01:47:29
Major New Penny Stock Picks Coming! Subscribe here to get them: http://t.co/onPt58XvZI $LVS $JPM $MHYS
Dow Stocks
6 Mar 15 00:17:01
#Dow #stocks $JPM JPMorgan Chase Daily:-0.21% Weekly:0.68% YTD:-0.93% Trend:57 / 100 http://t.co/EovIb6YJsz
Breaking News
6 Mar 15 00:07:02
$JPM: China Said to Slash Senior Executive Pay at Biggest Banks, SOEs: http://t.co/4wwEJOgOJq
Alpha Maven
6 Mar 15 00:01:12
RT @OphirGottlieb: Largest Earnings - 1 $AAPL 2 $XOM 3 $WFC 4 $JPM 5 $MSFT 6 $CVX 7 $JNJ 8 $VZ 9 $WMT 10 $GOOGL All Chart --> http://t.co/…
5 Mar 15 22:50:34
JPM -0.21% Stock Charts $JPM JPMorgan Chase & Co. (NYSE) Any opinions on JPM? Please reply to this post. Last http://t.co/STqbbVB09X
5 Mar 15 22:43:59
#Fed: Banks could lose $490 billion in next crisis http://t.co/EZbRiVuWtv $JPM $C $MS $GS $BAC #stocks #trading
5 Mar 15 22:20:19
#JPMorgan Chase : JP Morgan Chase (JPM) Closes 0.21% Down on the Day for March... http://t.co/Q7n8W9pqoj $JPM
Sujith Ŧ
5 Mar 15 20:54:42
$IBM $NKE $AXP performing. $INTC $XOM $CVX $CAT $JPM show a continuous gain in past 3 months. #DJIA +0.21%, #SPX +0.12%, #NASDAQ +0.32%
5 Mar 15 20:40:25
We Have A Lot Of New Penny Stock Picks Coming! Get Early Access: http://t.co/eUhuA8ekZt $LVS $JPM $MHYS
Stock Wire
5 Mar 15 20:24:28
JPMorgan Chase & Co. Boosts Regus PLC Price Target to GBX 230 (RGU) $JPM http://t.co/3PQAvF2v5C
Charles Weening
5 Mar 15 20:01:30
Market Parse
5 Mar 15 20:00:46
@BarefootBlonde5 $JPM Your tweet has been featured on Market Parse, for iPhone. http://t.co/YHInvBCk4m
Capital Market Labs
5 Mar 15 19:56:52
$JPM Return on Assets Trend #CML http://t.co/xOfbmMHI32
5 Mar 15 19:55:20
RT @#Alert OphirGottlieb $JPM #ALERT Bad Loans Improving --> #CML http://t.co/fpa9lxCG27 via #hng http://t.co/4l2mmBitCt
5 Mar 15 19:52:02
$JPM: Ringgit Leads Weekly Drop in Asia Currencies on China Slowdown: http://t.co/SahKsEldf3
5 Mar 15 19:16:12
$JPM - Conservative Total Return Portfolio: 7% Appreciation Since August (With A Dividend Kicker) http://t.co/SyIfD2gEDH
Capital Market Labs
5 Mar 15 19:15:57
$JPM Cash from Operations Trend http://t.co/t1UrObmwU6
5 Mar 15 19:10:29
$JPM funds are shit. Clients who invest with them deserve their returns. http://t.co/BqPJoSkJ6w
Capital Market Labs
5 Mar 15 19:07:41
$JPM Cash from Operations and Valuation Trends http://t.co/AULoVHVVBW
Ophir Gottlieb
5 Mar 15 18:47:04
$JPM #ALERT Bad Loans Improving --> http://t.co/Dj5pfDkeSo #CML
Clayton R.
5 Mar 15 18:25:07
Wondering where to learn stock options? Here's the place http://t.co/gV3ZaHH3uy $F $GE $T $BAC $VZ $C $AA $JPM $KO $PFE #investing
Carolyn Jachens
5 Mar 15 18:16:25
RT @ZacksResearch: In our eCommerce industry outlook we discuss the growth in online payments. $WMT $V $USB $MA $JPM $IBM http://t.co/EvUyU…
Bob Brinker
5 Mar 15 17:47:08
RT @ChrisDolmetsch: BofA Countrywide Deal Approval May Help JPMorgan, Citi Deals http://t.co/9hDLJrDCeA via @business $bac $bk $c $jpm
Jody Shenn
5 Mar 15 17:38:17
RT @ChrisDolmetsch: BofA Countrywide Deal Approval May Help JPMorgan, Citi Deals http://t.co/9hDLJrDCeA via @business $bac $bk $c $jpm
5 Mar 15 17:31:30
$JPM - Stress test roundup: How the lenders stack up vs. last year http://t.co/5LuAllO6Z3
Emotional StressTest
5 Mar 15 17:00:06
I'd bet 'complaint,' 'declined,' and 'criminal' aren't going to be used in $JPM's next ad campaign: http://t.co/2RoQbNARY1
Paul W. Mahon
5 Mar 15 16:53:46
RT @theflynews: JPMorgan and Goldman Sachs win dismissal of aluminum price fixing claims. More: http://t.co/GvzmzTjbVR $JPM $GS
Capital Market Labs
5 Mar 15 16:51:25
RT @OphirGottlieb: Largest Earnings - 1 $AAPL 2 $XOM 3 $WFC 4 $JPM 5 $MSFT 6 $CVX 7 $JNJ 8 $VZ 9 $WMT 10 $GOOGL All Chart --> http://t.co/…
5 Mar 15 16:32:01
$GS $JPM $JMP $MS $BAC $C $WFC: Goldman Shareholders' Hope for Bigger Payout Dashed by Fed Test: http://t.co/Mj87IbTd8K
Market Parse
5 Mar 15 16:30:35
@nbits60 $JPM Your tweet has been featured on Market Parse, for iPhone. http://t.co/YHInvBkJcO
Market Parse
5 Mar 15 16:30:35
@nbits60 Your tweet about $JPM had a sentiment of 5 and was featured on Market Parse. http://t.co/5WyUW5R8WJ
Ophir Gottlieb
5 Mar 15 16:29:05
Six MEGA Banks: Earnings Growth --> http://t.co/h1B8BCBI3w - 1 $JPM (+21%) 2 $PNC (+10%) 3 $WFC 4 $USB (+0.3%) 5 $C 6 $BAC (-40%) <-- Ugh
Alpha Maven
5 Mar 15 16:28:11
RT @rcwhalen: #StressTests: Bottom of the bunch: $BAC, $JPM, $C, $MS
Thomas Etcher
5 Mar 15 16:22:42
RT @rcwhalen: #StressTests: Bottom of the bunch: $BAC, $JPM, $C, $MS
5 Mar 15 16:22:02
$GS $MS $JPM $APC $AON: Goldman Alumni Start Mozambique Bank With Eye on Gas Boom: http://t.co/RWRBUe86DA
Breaking News Now
5 Mar 15 16:17:03
$JPM: Negative Interest Rates Threaten the Banking System: http://t.co/093jL6d3wt
Carolyn B Miciano
5 Mar 15 16:05:09
Detailed analysis of the ETF market http://t.co/nE0PeukpOK $JPM $BA $BAC
James DiPlata
5 Mar 15 16:02:27
RT @OphirGottlieb: Largest Earnings - 1 $AAPL 2 $XOM 3 $WFC 4 $JPM 5 $MSFT 6 $CVX 7 $JNJ 8 $VZ 9 $WMT 10 $GOOGL All Chart --> http://t.co/…
5 Mar 15 16:01:07
Dow #Stocks Trend $HD $DD $UNH $BA $GE $NKE $MCD $IBM $DIS $TRV $V $PFE $JPM $VZ $JNJ $UTX $KO $CSCO $T $MMM @ http://t.co/TvzJfd0RGT
Trader's World News
5 Mar 15 15:53:44
RT @OphirGottlieb: Largest Earnings - 1 $AAPL 2 $XOM 3 $WFC 4 $JPM 5 $MSFT 6 $CVX 7 $JNJ 8 $VZ 9 $WMT 10 $GOOGL All Chart --> http://t.co/…
Ophir Gottlieb
5 Mar 15 15:51:55
Largest Earnings - 1 $AAPL 2 $XOM 3 $WFC 4 $JPM 5 $MSFT 6 $CVX 7 $JNJ 8 $VZ 9 $WMT 10 $GOOGL All Chart --> http://t.co/Qi59DlgQKR
Chris Dolmetsch
5 Mar 15 15:51:36
BofA Countrywide Deal Approval May Help JPMorgan, Citi Deals http://t.co/9hDLJrDCeA via @business $bac $bk $c $jpm
5 Mar 15 15:47:02
$BAC $BK $JPM $C $AIG $BLK $CFC: BofA Countrywide Deal Approval May Help JPMorgan, Citi Deals: http://t.co/Po1WhNAlK7
  +Follow September 19, 2013 10:19AM



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