By Pete Schroeder
WASHINGTON (Reuters) -JPMorgan Chase & Co has been fined $348.2 million by a pair of U.S. bank regulators over its inadequate program to monitor firm and client trading activities for market misconduct, the Federal Reserve announced on Thursday.
The Fed fined the bank alongside the Office of the Comptroller of the Currency (OCC), and said the misconduct occurred between 2014 and 2023. JPMorgan disclosed in February that it expected to pay roughly $350 million in civil penalties for reporting incomplete trading data to surveillance platforms. It said at the time it was also in “advanced negotiations” with a third regulator that may not result in resolution.
In a separate announcement, the OCC said JPMorgan failed to properly monitor billions of trades across at least 30 global trading venues. It ordered the bank to overhaul and improve its trade surveillance program and conduct a third-party review of its policies. The bank must clear any new trading venues with regulators under the new order.
A bank spokesperson did not immediately respond to a request for comment.
(Reporting by Pete Schroeder; Editing by Paul Simao)
Comments