JPMorgan warns of potential fine over ‘historical deficiencies’ in internal controls

In this news, we discuss the JPMorgan warns of potential fine over ‘historical deficiencies’ in internal controls.

(Reuters) – JPMorgan Chase & Co JPM.N faces potential fine for “historical deficiencies” in internal controls in its role of advising clients at its US bank, it revealed in a regulatory filing Monday evening.

The largest U.S. bank, which earlier this year agreed to pay more than $ 920 million and admitted to doing wrongdoing to settle U.S. federal market manipulation polls, said it was in talks with a US regulator to resolve the latter issue.

Although JPMorgan did not name the regulator, he added that there was no assurance that the ongoing discussions would result in a resolution.

The bank said it already has measures in place to address issues with its internal controls.

In September, JPMorgan agreed to pay $ 436.4 million in fines, $ 311.7 million in restitution and more than $ 172 million in restitution after probing its trading in metals futures and securities of the Treasury.

In October, Goldman Sachs, another Wall Street powerhouse, agreed to pay an even larger fine of nearly $ 3 billion for its role in Malaysia’s 1MDB corruption scandal, raising a cloud that hung over the bank for years.

Report by Niket Nishant in Bengaluru; Edited by Anil D’Silva

Original © Thomson Reuters

Originally posted 2020-11-03 11:16:10.

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