By Daniel Hunter

JP Morgan, the biggest bank in the US, has revealed that it is being investigated over currency trading.

The bank said losses from the legal proceedings could reach almost $5.9bn (£3.7bn). The US Department of Justice (DoJ) is conducting a criminal investigation into JP Morgan, but other regulators are conducting civil ones.

In a filing with the Securities and Exchange Commission (SEC), JP Morgan said it was cooperating fully with the investigation.

The bank is facing civil investigations by the Commodity Futures Trading Commission (CFTC), the UK's Financial Conduct Authority (FCA) and "other foreign government authorities".

Royal Bank of Scotland, Barclays and HSBC are all the subjects of similar civil investigations into the rigging of currency markets. The banks have all set aside hundreds of millions of pounds aside to cover the costs of the investigations.

HSBC yesterday (Monday) announced it had set aside £237m, RBS has set aside £400m and Barclays has set aside the most with £500m.

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