it assessed the most recent civil penalty because of JPMorgan’s “failure to maintain adequate internal controls and internal audit” over its wealth management arm.
The OCC added that it had found a “pattern of misconduct” over several years that led to the investment bank’s inability to prevent conflicts of interest., and the OCC said the bank has already corrected the issues it described. JPMorgan said its asset and wealth management generated record revenue of $3.7 billion in the third quarter, boosting profit by 31% from the same quarter last year to $877 million.“We are committed to delivering best-in-class controls across our business, and we have invested significantly in and enhanced our controls platform over the last several years to address the issues identified,” a bank spokesperson said in a statementThis is the second major settlement for JPMorgan in as many months.
J.P. Morgan Chase defines the evil of capitalism.
good
Darn the executives will each have to shave a million off their bonuses this year 😪