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US regulators order JP Morgan to improve risk controls

US banking regulators have ordered JP Morgan Chase and Co to improve its risk controls after the bank suffered huge losses following bad bets by a trader in London.

The unnamed trader, nicknamed the London Whale because of the size of the positions he took, lost $6.2bn through bad trades.

Reuters reports the Federal Reserve and the Office of the Comptroller of the Currency have forced the bank to submit a plan to improve its risk controls within 60 days.

The regulator did not levy a fine on JP Morgan or place blame on any individuals for the controls failings.

The FSA says it is also investigating the losses.

It says: “Conclusions will be reached in the enforcement investigation in due course and any further appropriate action determined at that time.”

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  1. London Whale ??? tell the truth Jamie Dimon you’re really Moby Dick blaming some made up trader. Another example of you manimulation.

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