12.14.21

JPMorgan in Talks to Pay $200 Million Fine Over Employee Text Messages

by: David Benoit; Dave Michaels

JPMorgan Chase is nearing a deal to pay a $200 million fine and admit that it failed to properly monitor employees’ messages, the first settlement to emerge from a regulatory sweep into how banks oversee traders’ chats. The investigations by the SEC and CFTC focused on concerns that the bank lacked an adequate system for retaining the chats, according to insiders. In recent months, regulators have questioned a number of major banks about how they track employee communications, the insiders said.

Read the full article on Wall Street Journal