JPMorgan Said to Ask Staff to Help Fund U.K. Tax Settlement

JPMorgan Chase & Co. asked more than 2,000 current and former employees to contribute to a settlement with the U.K.’s tax authority over their use of an offshore trust for bonus payments, according to a person briefed on the situation.

Employees who participated in the trust were asked to help fund a payment of at least a few hundred million pounds if they want to settle with Her Majesty’s Revenue and Customs, the U.K. tax authority, the person said, asking not to be named because the talks are private. The bank and workers may pay about 500 million pounds ($802 million) total, the Financial Times reported yesterday, without saying where it got the information.