JPMorgan Nears Settlement With SEC on London Whale Loss

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JPMorgan Chase & Co. is negotiating final terms of a deal with U.S. securities regulators to end a yearlong probe of derivatives bets that led to the bank’s biggest trading loss ever, two people briefed on the talks said.

While JPMorgan is prepared to say it erred in how it oversaw a unit and London-based traders, executives probably won’t admit mistakes beyond what they already disclosed, one of the people said, requesting anonymity because the talks with the Securities and Exchange Commission aren’t public. How much the bank pays to settle is being debated, the people said.