JP Morgan will be fined £50m by the FCA this afternoon over the ‘London Whale’ incident, according to reports on Sky News.
The FCA have confirmed an announcement will be made this afternoon but could not specify the nature of the announcement or the size of any possible fine.
Reports elsewhere suggest that the fine will coincide with the announcement of a settlement in the US with the Securities and Exchanges Commission. Reuters have reported that the fine will be for at least $700m (£434m), while the New York Times has said that the total settlement could be worth more than $900m (£558m).
According to the reports, the FCA will also announce that it has agreed a series of tough new controls with JP Morgan over risk monitoring, compliance and reporting procedures.
The bank lost $6bn when it failed to control the trading activities of Bruno Iksil in its London office, leading to him building up the huge losses on derivatives trades.