25.11.2020 15:02:15 - dpa-AFX: JPMorgan Chase Unit Fined $250 Mln Over Deficiencies In Internal Controls

NEW YORK CITY (dpa-AFX) - JPMorgan Chase Bank, N.A., a unit of JPMorgan
Chase & Co., has agreed to pay $250 million penalty over the bank's failure to
maintain adequate internal controls and internal audit over its fiduciary
business.

In a filing with the U.S. Securities and Exchange Commission, the company said
JPMorgan Chase Bank has entered into a resolution with the Office of the
Comptroller of the Currency or OCC regarding past deficiencies.

According to OCC, the bank's risk management practices were deficient and it
lacked a sufficient framework to avoid conflicts of interest.

In a statement, the OCC said, 'These deficiencies constituted unsafe or unsound
practices and resulted in a violation of 12 CFR 9.9, which requires a suitable
audit over all significant fiduciary activities. The bank has remediated the
deficiencies that led to this action.'

In late September, JPMorgan Chase agreed to pay a total of $920 million in
penalty to settle U.S. investigations into the company's alleged manipulation of
metal and treasuries markets. The settlement resolved investigations by the U.S.
regulatory authorities for unfairly manipulating or 'spoofing' the precious
metals market.

Copyright RTT News/dpa-AFX
Name WKN Börse Kurs Datum/Zeit Diff. Diff. % Geld Brief Erster Schluss
JPMorgan Chase & Co 850628 NYSE 128,070 27.01.21 21:10:17 -3,510 -2,67% 128,060 128,070 129,590 131,580

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