JPMorgan faces U.S. criminal probe Into currency trading


By Hugh Son and Michael J. Moore
Bloomberg News
Monday, November 3, 2014

NEW YORK -- JPMorgan Chase & Co. said today it faces a U.S. criminal probe into the firm's foreign-exchange business and increased the upper end of its "reasonably possible losses" related to legal matters.

The lender is cooperating with a criminal investigation by the Department of Justice as well as inquiries by the Commodity Futures Trading Commission and regulators in Britain and elsewhere, the New York-based company said in its quarterly regulatory filing. Reasonably possible losses could be as much as $5.9 billion, the bank said, an increase of $1.3 billion since the end of June.

"These investigations are focused on the firm's spot FX trading activities as well as controls applicable to those activities," according to the filing. JPMorgan "continues to cooperate with these investigations and is engaged in discussions with DOJ and various regulatory and civil enforcement authorities about resolving their respective investigations." ...

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