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WASHINGTON – JPMorgan Chase & Co. will pay $920 million and has admitted that it failed to oversee trading that led to a $6 billion loss and renewed worries about serious risk-taking by major banks.

U.S. and U.K. regulators said Thursday that the largest U.S. bank’s weak oversight allowed traders in its London office to assign inflated values to transactions and cover up huge losses as those losses ballooned. Two of the traders are facing criminal charges of falsifying records to hide the losses.

The combined amount JPMorgan is paying three U.S. regulators and the U.K. Financial Conduct Authority adds up to one of the largest fines ever levied against a financial institution.

The Securities and Exchange Commission fined the bank $200 million and required a rare admission of wrongdoing. The Federal Reserve Board imposed a $200 million penalty, while the Office of the Comptroller of the Currency set a $300 million fine. The British regulator fined the company $220 million.

The U.S. Justice Department is still investigating the bank for possible criminal violations.

The SEC said that the breakdown in supervision stretched beyond the trading operations to the bank’s top executives.

“JPMorgan’s senior management broke a cardinal rule of corporate governance: Inform your board of directors of matters that call into question the truth of what the company is disclosing to investors,” said George Canellos, co-director of the SEC’s enforcement division.

New York-based JPMorgan called the settlements “a major step” in its efforts to put its legal problems behind it. The bank said it cooperated fully with all the agencies’ investigations and continues to cooperate with the Justice Department in its criminal prosecution of the former traders.

“We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them,” JPMorgan CEO Jamie Dimon said in a statement. “We will continue to strive towards being considered the best bank – across all measures – not only by our shareholders and customers, but also by our regulators.”

The trading loss that surfaced in April 2012 shook the financial world and damaged the bank’s reputation. JPMorgan was one of the few financial institutions to come through the 2008 financial crisis without suffering major losses. The settlement comes just days after the five-year anniversary of that crisis.

The huge loss at JPMorgan raised concern about continued risk-taking by Wall Street banks and questions of whether the financial industry had learned the lessons of the meltdown.

Three employees in the London office – two senior managers and a trader – were fired. The episode also led to the resignation of Ina Drew, the former chief investment officer overseeing JPMorgan’s trading strategy.

Federal prosecutors in New York filed criminal charges last month against Javier Martin-Artajo and Julien Grout. Martin-Artajo supervised the bank’s trading strategy in London, and Grout, his subordinate, was in charge of recording the value of the investments each day. They were charged with conspiracy to falsify books and records, commit wire fraud and falsify filings to the SEC. They also were charged separately in an SEC civil complaint. Both traders have denied any wrongdoing.

Their colleague Bruno Iksil, a trader known as the “London Whale” for the outsize bets he made that could roil markets, had his name associated with the embarrassing loss. No charges were laid against him.