JPMorgan Hit With Puny $920M Fine Over ‘London Whale’ Debacle

J.K. Trotter · 09/19/13 09:53AM

Titanic financial firm JPMorgan Chase posted $6.5 billion in profits during its last quarter—a company record. For lying to multiple governments and its own investors about losses of $6 billion, however, the bank will have to pay just $920 million, or 0.03 percent of its current holdings. With total assets of $2.35 trillion, JPMorgan could pay the same fine every hour for three months, or every day for seven years, before their coffers would run dry.