JPMorgan charges said to be announced Wednesday

Employees in London have been under investigation

The U.S. may announce charges as early as tomorrow related to JPMorgan Chase & Co.’s trading losses last year, a person familiar with the matter said.

Former bank employees in London have been under investigation by the U.S. Justice Department regarding whether they tried to conceal trading the losses at the largest U.S. bank, a person familiar with the matter previously said.

JPMorgan, the largest U.S. bank, lost more than $6.2 billion last year on a derivatives bet. The loss, first disclosed in May 2012, led to an earnings restatement, Senate subcommittee hearing and probes by the U.S. Securities and Exchange Commission and U.K. Financial Conduct Authority.

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments
comments powered by Disqus