JPMorgan near deal on Whale probes for about $700mn: Source

JPMorgan Chase & Co is near a final settlement of probes into its London Whale derivatives loss and expects to pay about USD 700 million, according to source familiar with the matter.

Completion of the deal depends on coordinating agreements with multiple government agencies, the source said. The source spoke after Bloomberg News and the Wall Street Journal reported that JPMorgan has agreed with regulators on how much it will pay. The bank lost USD 6.2 billion last year on the trades made from its offices in London. Also Read: How India wins by entering global debt indexes