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JP Morgan fined a record $920m for 'London Whale' trading

19 September 2013 Last updated at 21:12 BST

Investment bank JP Morgan has been fined a record $920m (£570m) for its conduct in the 'London Whale' trading scandal.

The company lost around $6bn as it failed to "keep watch" over its traders as they overvalued their portfolio to hide large losses.

The bank will pay four different banking regulators, including $220m to the UK's Financial Conduct authority.

This is the second largest fine imposed in banking history.

Emma Simpson reports.

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