U.S. regulator fines JPMorgan Chase $250 million for failings in fiduciary business

 U.S. regulator fines JPMorgan Chase $250 million for failings in fiduciary business

November 24, 2020

WASHINGTON (Reuters) – The Office of the Comptroller of the Currency (OCC) on Tuesday fined JPMorgan Chase Bank $250 million for the bank’s failure to “maintain adequate internal controls and internal audit” over its fiduciary business.

The OCC found the bank’s risk management practices were deficient and it lacked sufficient controls to avoid conflicts of interest, the regulator said, adding the bank has since remediated the problem.

(Reporting by Michelle Price)

Digiqole ad

Related post