JPMorgan Settles With US & UK Regulators At $750 Million and 2 More Heavily Traded Stocks to Follow
JPMorgan Chase & Co. (NYSE:JPM): Closing price $53.14
The Wall Street big bank will shell out a minimum of $750 million to settle United States and United Kingdom regulatory inquiries of its 2012 trading loss, according to knowledgeable sources, who added that JPMorgan wants to settle as many inquiries as is possible prior to the end of the third quarter. Last week, Chief Financial Officer Marianne Lake told investors that the quarter’s addition to legal reserves would “more than offset” roughly $1.5 billion worth of consumer reserve releases.
One source said that some settlements could be announced as soon as this week, and the aggregate penalties might yet change. Bruno Iksil agreed in June to testify against his colleagues after United States prosecutors gave him immunity against prosecution.