WASHINGTON—J.P. Morgan Chase & Co. is expected to take a big step toward resolving the "London whale" trading fiasco, agreeing to pay at least $800 million in penalties and admit wrongdoing as part of a broad regulatory settlement over its handling of the matter, according to people familiar with the situation.
Regulators in the U.S. and U.K. are expected to fault J.P. Morgan for deficient internal controls and disclosing incorrect information related to the 2012 trades, the people said. The trades resulted in more than $6 billion in losses at the largest U.S. bank.
The pact coincides with a separate ...
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