You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • New-homesales slowto a trickle
    WASHINGTON – U.S. sales of new homes were nearly flat in September, after the government sharply revised downward what was initially an August surge in buying.New-home sales edged up 0.
  • Stocks see best week in 2 years
    NEW YORK – The stock market closed out its best week in nearly two years on a positive note Friday, helped by strong quarterly earnings from Microsoft and other big U.S. companies.
  • Ford quarterly profit falls
    DEARBORN, Mich. – Ford’s new aluminum-sided F-150 will be a lot lighter and more efficient when it goes on sale this year. But for now, it’s a serious drag on profits.
Advertisement

JPMorgan paying $920 million in London Whale trading scandal

WASHINGTON – JPMorgan Chase & Co. is paying $920 million in penalties and admitting wrongdoing over a $6 billion trading loss last year that tarnished the bank’s reputation.

Regulators said that weak oversight at the largest U.S. bank enabled traders in its London operation to assign inflated values to trades and cover up losses as they ballooned. The combined amount JPMorgan is paying the one of the largest fines ever levied against a financial institution.

The regulators said JPMorgan failed to properly supervise the traders, two of whom face criminal charges of falsifying records to hide the losses.

The Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve and the Britain’s Financial Conduct Authority joined in sanctioning the bank.

Advertisement