JPMorgan faces criminal probe into currency trading

JPMorgan Chase & Co. announced it faces a U.S. criminal probe into foreign-exchange dealings.

According to Bloomberg, the company is cooperating with the Department of Justice and other regulators in the United Kingdom and elsewhere. JPMorgan could need as much as $5.9 billion to cover losses beyond reserves for legal matters.

“In recent months, U.S. government officials have emphasized their willingness to bring criminal actions against financial institutions,” the bank wrote of the general legal environment. “Such actions can have significant collateral consequences for a subject financial institution, including loss of customers and business.”

Read more from Bloomberg.