JPMorgan Chase Bank, N.A., a unit of JPMorgan Chase & Co., has agreed to pay $250 million penalty over the bank's failure to maintain adequate internal controls and internal audit over its fiduciary business.
In a filing with the U.S. Securities and Exchange Commission, the company said JPMorgan Chase Bank has entered into a resolution with the Office of the Comptroller of the Currency or OCC regarding past deficiencies.
According to OCC, the bank's risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of interest.
In a statement, the OCC said, "These deficiencies constituted unsafe or unsound practices and resulted in a violation of 12 CFR 9.9, which requires a suitable audit over all significant fiduciary activities. The bank has remediated the deficiencies that led to this action."
In late September, JPMorgan Chase agreed to pay a total of $920 million in penalty to settle U.S. investigations into the company's alleged manipulation of metal and treasuries markets. The settlement resolved investigations by the U.S. regulatory authorities for unfairly manipulating or "spoofing" the precious metals market.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.