Federal banking regulators have slapped JPMorgan Chase with a $250 million civil monetary penalty for risk management and other control failings in its asset and wealth management business.
The Office of the Comptroller of the Currency said it found that the bank’s risk management practices were “deficient and it lacked sufficient controls to avoid conflicts of interest.”
The bank has since taken steps to remedy those deficiencies, the OCC said in its consent order.
The OCC found that JPMorgan had had “a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities.”
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
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