JPMorgan warned another regulatory fine is underway

3. November 2020.

After paying a record $920 million in September to settle investigations from three federal agencies over its role in the manipulation of global markets for metals, JPMorgan Chase is facing another potential fine, this time over internal controls in wealth management, as per a report in CNBC.

JPMorgan said that it had already improved its controls tied to the proposed penalty and is in ongoing discussions with the regulator, which it did not name. The firm’s asset and wealth management business is one of its four main divisions with $2.6 trillion in assets under management.

The bank entered into a deferred prosecution agreement with the Department of Justice that will expire in three years if the firm satisfies its obligations under the deal.

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