JPMorgan Chase fined $348m by US regulators for ineffective trade-surveillance program.
JPMorgan Chase has been fined a total of $348 million by US regulators over gaps in its trade-surveillance program, which they said failed to monitor conduct of its employees and clients. The Office of the Comptroller of the Currency fined the bank $250 million, while the Federal Reserve added a $98 million penalty, according to statements from the regulators Thursday. Both overseers required the bank to take corrective actions to fix the issues, which they said occurred as recently as last year. The bank neither admitted nor denied the OCC's findings.
March 14, 2024
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