JPMorgan Chase and regulators, according to published reports, are on the cusp of a $700-$800 million settlement over its “London Whale” trades, risky derivatives gambles that cost the bank more than $6 billion in losses and was initially hidden from shareholders. Perhaps in anticipation of that announcement, in a letter to all bank employees, CEO Jamie Dimon outlined compliance and controls efforts the bank is making.

“Unfortunately, we are all well aware of the news around the legal and regulatory issues facing our company, and in the coming weeks and months we need to be braced for more to come,” Dimon wrote.

“Adjusting to the new regulatory environment will require an enormous amount of time, effort and resources,” he added, pledging that, “our control agenda is priority #1.”

Among the investments, recent and forthcoming, detailed in the letter:

Increasing spending on controls by roughly $1 billion this year.

Providing approximately 750,000 hours of regulatory and control-related training to employees across the franchise on topics ranging from how to understand new regulations related to the Dodd-Frank Act and anti-money laundering.

Increasing the number of employees dedicated to control efforts (risk, compliance, legal, finance, technology, oversight and control ,and audit) across the entire firm by 4,000 employees.

Conducting an in-depth review of the bank's foreign correspondent banking business and strengthening controls, in particular those around ‘Know Your Customer' and transaction monitoring.

Deploying “unprecedented resources, dedicating senior managerial time and prioritizing efforts to build and maintain an industry-leading AML program.” The AML teams must be empowered to make decisions swiftly as we review and adjust our company's risk appetite for certain types of clients to meet our enhanced standards,” Dimon wrote.

Improving oversight of outside vendors and proactively trying to decrease the number of vendors used to reduce complexity.

Increasing spending on technology in the regulatory and control space by 27 percent since 2011.

“All the steps outlined above represent an unprecedented effort for our firm,” Dimon said. “Never before have we focused so much time, effort, brainpower, technological power and money on a single, enterprise-wide objective."

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