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JP Morgan ups spending on controls as London Whale fine looms
by Sarah Miloudi on Sep 18, 2013 at 08:08
Jamie Dimon has said JP Morgan has upped its total spend on controls by $1 billion during 2013 alone.
The head of America’s biggest bank spoke to reassure some 250,000 employees worldwide that it continued to direct 'unprecedented resources' to strengthen its risk, legal and compliance operations.
Domon's remarks came as JP Morgan prepared to enter late-stage talks with US and UK regulators over its settlement of the 'London Whale' trading scandal.
The fiasco saw the bank clock up losses of $6 billion.
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