Following the losses suffered by J.P. Morgan Chase Bank N.A. in the Chief Investment Office in its London Branch, the New York Federal Reserve Bank and the Office of the Comptroller of the Currency have published supervisory orders today. The Financial Services Authority's (FSA) regulatory response to this matter is ongoing and it is liaising with other regulators.
In addition to its extensive supervisory agenda, the FSA is continuing to conduct a formal enforcement investigation into the trading losses. Conclusions will be reached in the enforcement investigation in due course and any further appropriate action determined at that time.
If you have any questions, please contact Chris Hamilton on + 44 (0) 7825 231 347 or +44 (0) 207 066 3232.