Finance
JPMorgan Fined $348 Million for Gaps in Trading Surveillance
- OCC slaps bank with $250 million penalty, Fed with $98 million
- Bank must take corrective steps, including surveillance review
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JPMorgan Chase & Co. was fined a total of $348 million by US regulators over gaps in its trade-surveillance program, which they said failed to monitor conduct of its employees and clients.
The Office of the Comptroller of the Currency fined the bank $250 million, while the Federal Reserve added a $98 million penalty, according to statements from the regulators Thursday. Both overseers required the bank to take corrective actions to fix the issues, which they said occurred as recently as last year.