JPMorgan Chase & Co. was fined a complete of $348 million by U.S. regulators over gaps in its trade-surveillance program, which they mentioned failed to watch conduct of its staff and purchasers.
The Workplace of the Comptroller of the Foreign money fined the financial institution $250 million, whereas the Federal Reserve added a $98 million penalty, in response to statements from the regulators Thursday.
Each overseers required the financial institution to take corrective actions to repair the problems, which they mentioned occurred as not too long ago as final 12 months.
“The implications of those deficiencies embrace the financial institution’s failure to surveil billions of situations of buying and selling exercise on at the least 30 world buying and selling venues,” the OCC mentioned in its consent order. The financial institution neither admitted nor denied the OCC’s findings.
A consultant for the financial institution mentioned it doesn’t anticipate any disruption to consumer providers because of the actions.
“As we disclosed final month, we self-identified the difficulty, vital remedial actions have been taken and others are underway,” the spokesperson mentioned. “We now have not discovered any worker misconduct or hurt to purchasers or the market in our evaluate of the beforehand uncaptured information.”
The agency had disclosed the anticipated fines from two U.S. regulators in a mid-February regulatory submitting. At the moment, the financial institution additionally mentioned it was in superior negotiations with a 3rd US regulator, which it didn’t identify.