JPMorgan Chase & Co. (JPM) has paid a $348 million fine to U.S. regulators for allegedly failing to monitor the transactions of customers and employees, the largest fine ever paid by a financial firm so far in 2024. This is one of the largest fines ever imposed.
The fines were imposed in separate orders Thursday by the Federal Reserve and the Office of the Comptroller of the Currency (OCC).
The OCC said JPMorgan “engaged in unsafe or unsound practices” and “failed to establish adequate governance over the trading venues in which it operates.”
The Fed said the nation's largest bank “failed to monitor billions of trading activities across at least 30 global trading venues” from 2014 to 2023.
Both required many modifications. JPMorgan did not confirm or deny the allegations. The company's shares fell more than 1% Thursday afternoon.
JPMorgan disclosed the issue in an SEC filing last month, saying there was “no evidence of employee misconduct or harm to customers or markets” and that it did not expect any disruption to customer service. Ta. A spokesperson confirmed Thursday that this remains the case.
JPMorgan also revealed last month that the company was in advanced negotiations with a third-tier U.S. regulator, but there is “no assurance that such negotiations will result in a resolution.”
The fine is one of the largest fines paid by a major bank so far this year.
In mid-January, Morgan Stanley (MS) was ordered by the Department of Justice and SEC to close a multi-year investigation into how it handled large “block” trades for customers from 2018 to 2021. Paid a fine of $50 million.
The bank admitted that it made false statements regarding some of these transactions.
David Hollerith is a senior reporter at Yahoo Finance, covering banking, cryptocurrencies, and other financial areas.
For the latest stock market news and in-depth analysis of price-moving events, click here.
Read the latest financial and business news from Yahoo Finance
