SEC Wants J.P. Morgan to Admit Wrongdoing: WSJ

J.P. Morgan Chase & Co. JPM -0.85% could be admitting to wrongful conduct in the bank’s “London Whale” debacle if the Securities and Exchange Commission has its way, reports The Wall Street Journal on Thursday, citing people close to the matter.

The SEC, as part of the resolution in the investigation, wants further admissions of wrongdoing by the biggest U.S. bank by assets. This would be an unusual tact by the regulator in typical cases allow firms to neither admit nor deny wrongdoing.

The case is part of new policy showcasing enforcement action by the new head of the SEC, Mary Jo White, said the report.

The bank’s CEO Jamie Dimon has publicly acknowledged and apologized for the bad trading bets that resulted in $6 billion losses for the firm.

Source: Marketwatch