JPMorgan: moving on - FT.com Whale, shmale? A group of regulators - the Federal Reserve, Securities and Exchange Commission, Office of the Comptroller of the Currency and Financial Conduct Authority - have hit JPMorgan with $920m in fines, and extracted some ugly admissions about the London "Whale" debacle. The shares responded with a 1 per cent decline. The world has moved on. Nearly $1bn of fines carries symbolic force. And these might not be the last. JPMorgan still has to contend with other authorities and a groundswell of other regulatory and legal scrutiny that has arisen in the Whale's wake. But the fact that JPMorgan would have to pay up for the Whale sins had been well telegraphed to investors. JPMorgan bulls even see knocking these settlements off as a positive. The admissions are serious. Senior management concedes that by late April 2012 they knew that different parts of the bank were using different valuations for the same kind of derivatives that caused the Whale's losses. And the leadership agrees that they did not give the audit committee all the facts it needed ahead of the bank's first quarter report in 2012. The latter is a true corporate sin. But JPMorgan chief Jamie Dimon has already survived a shareholders" vote this year. And he has already eaten humble pie - admitting big mistakes and apologising all over the place. The bank has also schrewdly tried to shift the focus to the future (and maybe succeeded) by outlining sweeping efforts to shore up controls just as the big settlements like this one roll out. Investors seem content to put the Whale in JPMorgan's past, the bank is leaving current management where it is, and regulators have done enough to declare victory. We won't know if anything has really changed until the next scandal breaks - or doesn't.