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JPMorgan Chase Faces Potential Fine Over ‘Historical Deficiencies’ in Internal Controls

The bank already agreed to pay more than $920 million earlier this year to settle market manipulation probes.

Image source: JPMorgan Chase

(Reuters) – JPMorgan Chase & Co is facing a potential fine over "historical deficiencies" in internal controls in its role as an adviser to customers within its U.S. bank, it disclosed in a regulatory filing late on Monday.

The largest U.S. bank, which earlier this year agreed to pay more than $920 million and admitted to wrongdoing to settle federal U.S. market manipulation probes, said it was in talks with a U.S. regulator to resolve the latest issue.

Although JPMorgan did not name the regulator, it added that there was no assurance that the current talks would lead to a resolution.

The bank said it already had measures in place to address the problems with its internal controls.

In September, JPMorgan agreed to pay $436.4 million in fines, $311.7 million in restitution and more than $172 million in disgorgement after probes into its trading of metals futures and Treasury securities.

In October, Goldman Sachs, another Wall Street powerhouse, agreed to pay an even larger fine of nearly $3 billion over its role in Malaysia’s 1MDB corruption scandal, lifting a cloud that has hung over the bank for years.

Reporting by Niket Nishant in Bengaluru; Editing by Anil D’Silva,


Source: Reuters

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