American banking giant JPMorgan Chase has revealed that the US Department of Justice (DoJ) is probing its currency trading business.
The investigation focuses on its spot foreign-exchange trading activities and controls related to those, the bank said in a regulatory filing.
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JPMorgan is also facing civil investigations by the Commodity Futures Trading Commission (CFTC), the UK’s Financial Conduct Authority (FCA) and other foreign government authorities.
The bank is in talks with regulators to settle the cases, but "there is no assurance that such discussions will result in settlements," the statement added.
The largest US bank estimates that possible losses from all its the legal proceedings could total $5.9bn.
A dozen global banks are under investigation by US and UK authorities over the alleged rigging of foreign-exchange rates.
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By GlobalData
