It is JPMorgan Chase & Co’s second fine|Can Pac Swire|CC BY-NC 2.0
JPMorgan Chase got slapped with a hefty $348.2 million fine by federal regulators on Thursday for improperly monitoring firm and client trading activities.
The Federal Reserve, alongside the Office of Comptroller of the Currency (OCC), cited misconduct in failing to monitor billions of trades across at least 30 global trading venues from 2014 to 2023.
Not the first
It is JPMorgan’s second fine. The bank paid $200 million for similar lapses in 2021.
As part of the OCC’s latest order, JPMorgan is required to overhaul its trade surveillance program and undergo a third-party review to ensure improved monitoring practices.