London Whale report due out

BANKING giant JP Morgan will today release an internal report into the catastrophic bet made by a trader nicknamed the London Whale, which cost the business more than $6bn (£3.7bn).

The company, which will issue its fourth quarter results at the same time, is keen to be transparent about the mistakes that allowed the disastrous derivatives position to be built up, according to the New York Times. Directors face cuts to their bonus payments as a result of their errors.