11/24/2020, 6:37 PM (Source: TeleTrader)
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JPMorgan fined $250M by US Treasury's OCC

United States Department of the Treasury's Office of the Comptroller of the Currency (OCC) announced on Tuesday that it fined JPMorgan Chase & Co. $250 million over "the bank's failure to maintain adequate internal controls and internal audit over its fiduciary business."

The agency also detected several deficiencies in the bank's risk management practices along with an insufficient "framework to avoid conflicts of interest."

JPMorgan Chase "has remediated the deficiencies that led to this action," the OCC added in a press release.

Breaking the News / MS