A report by a United States Senate subcommittee has slammed one of the world's biggest banks, JPMorgan Chase.
It says the JPMorgan Chase bank ignored internal controls, misled regulators and investors and manipulated documents as one of its traders racked up losses of $US6.2 billion last year.
The report also claimed the bank's chief executive briefly withheld information from regulators.
One senator said JP Morgan had misrepresented the high-risk transactions carried out by the trader - nicknamed the "London Whale" - as hedging, which is a form of insurance.
JP Morgan says it never intentionally misled anyone but acknowledges it made many mistakes.
