Not enough evidence to support criminal charges against JPMorgan

Orange isn’t the new black for Jamie Dimon.

The New York Post reports that the embattled JPMorgan Chase CEO doesn’t expect the bank or any executive to face criminal charges stemming from the FBI probe into the 'London whale' fiasco.

Federal agents have been looking into the complex derivative trade that blew up in the bank’s London office and cost JPM $6.2bn - and cost Dimon some of his reputation as an ace manager of risk - since shortly after it became known in the spring of 2012.

While the FBI probe is ongoing, there is not enough evidence to support criminal charges, people familiar with the bank said.

Not that JPMorgan is basking under totally clear regulatory skies.

As early as Thursday morning, financial watchdogs, including the Securities and Exchange Commission; the Office of the Comptroller of the Currency; the Federal Reserve; and the Financial Conduct Authority, a UK regulator, are set to announce a joint set of fines against Dimon’s firm. Some say the fines could run as high as $900m.

With a sweeping civil settlement, Dimon is hoping to put at least the lion’s share of the nagging London whale trade, which the CEO initially referred to as a 'tempest in a teapot', behind him.

The Commodity Futures Trading Commission is taking a more aggressive stance against the bank.

To access the complete New York Post article hit the link below

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image: © brydeb

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