JPMorgan Chase likely to admit fault in ‘London Whale’ case

JPMorgan ChaseUS financial giant, JPMorgan is likely to admit to wrongdoing in the infamous `London Whale' trading loss case leading to huge losses for the investors.

The US bank had earlier admitted that "severe breakdowns" had allowed some of the traders to run up $6 billion in losses in London. However, the regulators are now pushing the bank to admit that the trading loss represents reckless behaviour. According to people closer to the matter, the bank can reach a settlement with the Commodity Futures Trading Commission as soon as this week.

The nation's largest bank is struggling to reach settlement over claims relating to its behaviour leading up to the financial crisis in the US that began five years earlier. Some reports suggest that the financial giant could reach an agreement to settle a host of mortgage-related investigations and lawsuits. The bank has resumed talks with the US as authorities in order to settle claims relating to mortgages.

JPMorgan Chase & Co has entered into talks with the authorities to reportedly pay a whopping $11 billion in order to resolve allegations that the bank sold unsuited mortgage securities to its customers.