Smackdown

   JPMorganChase has been smacked with nearly a billion dollars in fines by regulators in two countries because of "serious failings" in portfolio management. Moreover, the financial giant has admitted wrongdoing.
   In London, the Financial Conduct Authority fined the banking giant some $220 million for breaches in its fundamental obligations made by the "London Whale" trader, as well as "failing to get a proper grip" on its business risks. "There were basic failings," said the FCA, "in the operation of fundamental controls over a high risk part of the business," and senior management "failed to respond properly to warning signals that there were problems" in its Chief Investment Office.
   In Washington, the Securities and Exchange Commission will collect a $200 million penalty as JPMorgan admits to the facts in the charges and that it violated federal securities laws.
   The Federal Reserve Board imposed a $200 million penalty for deficiencies in oversight, management and controls.
   And the Office of the Comptroller of the Currency said it penalized JPMorgan $300 million for "unsafe and unsound practices related to derivatives trading activities" at bank's Chief Investment Office.

   The bank had previously been warned, the agencies noted. And the investigation will continue.
   Perspective: In the second fiscal quarter, JPMorgan Chase had net income of $6.5 billion on revenue of $26 billion. For all of 2012, the bank posted net income of $21.3 billion on revenue of $99.9 billion.
   Do the math: The fines total less than 1 percent of its revenue for the year.