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JPMorgan warns of potential fine over 'historical deficiencies' in internal controls

JPMorgan warns of potential fine over 'historical deficiencies' in internal controls

A view of the exterior of the JPMorgan Chase & Co corporate headquarters in New York City May 20, 2015. (Photo: REUTERS/Mike Segar)

NEW YORK: JPMorgan Chase is facing a potential fine over "historical deficiencies" in internal controls in its role as an adviser to customers within its US bank, it disclosed in a regulatory filing late on Monday (Nov 3).

The largest US bank, which earlier this year agreed to pay more than US$920 million and admitted to wrongdoing to settle federal US market manipulation probes, said it was in talks with a US regulator to resolve the latest issue.

Although JPMorgan did not name the regulator, it added that there was no assurance that the current talks would lead to a resolution.

The bank said it already had measures in place to address the problems with its internal controls.

In September, JPMorgan agreed to pay US$436.4 million in fines, US$311.7 million in restitution and more than US$172 million in disgorgement after probes into its trading of metals futures and Treasury securities.

In October, Goldman Sachs, another Wall Street powerhouse, agreed to pay an even larger fine of nearly US$3 billion over its role in Malaysia's 1MDB corruption scandal, lifting a cloud that has hung over the bank for years.

Source: Reuters

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