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JPMorgan Probing Employees’ Role in Misuse of Relief Funds

  • Bank is cooperating with law enforcement on some instances
  • Some ‘employees have fallen short’ on conduct, staff memo says

Photographer: Victor J. Blue/Bloomberg

Updated on

JPMorgan Chase & Co. says it’s probing the role of some employees who may have enabled misuse of Covid-relief funds in what it calls potentially illegal activities.

The New York-based bank said it has seen “instances of customers misusing Paycheck Protection Program Loans, unemployment benefits and other government programs” and that some “employees have fallen short, too,” according to a memo to staff from the bank’s senior leaders Tuesday. The firm said the conduct doesn’t meet its principles “and may even be illegal.”