London Whale 'won't face charges over $6.2bn loss at JPMorgan' Any agreement with the SEC could require JPMorgan to admit to wrongful conduct over the incident, the Wall Street Journal claimed. This would be a break from settlements in the past, in which companies have typically neither admitted nor denied wrongdoing. The huge loss was incurred by traders, including Mr Iksil, who is co-operating with investigators, in JPMorgan's chief investment office in London. In March, a US Senate committee concluded from its own findings that JPMorgan ignored risks, misled investors, fought with regulators and tried to work around rules. JPMorgan did not return calls for comment, but has previously said that executives never deliberately misled investors. The SEC could not be reached for comment.