JPMorgan to pay about $350 mln penalty over trade reporting gaps

[BumRushDaShow]

Source: Reuters

February 16, 2024 6:31 PM EST


Feb 16 (Reuters) - JPMorgan Chase and Co (JPM.N) will pay civil penalties of about $350 million to regulators for reporting incomplete trading data to surveillance platforms, it said in a regulatory filing on Friday.

In a response to government inquiries about its trading processes, the lender said certain trading and order data through its Corporate and Investment Bank unit was not fed into its trade surveillance platforms.

"While the identified gaps represent a fraction of the overall activity across the Corporate and Investment Bank (CIB), the data gap on one venue, which largely consisted of sponsored client access activity, was significant," the company said in the filing.

JPMorgan has, however, "not identified any employee misconduct, harm to clients or the market." The $350 million penalties are expected to resolve the matter with two U.S. regulators, the bank said, without specifying which agencies were involved.

Read more: https://www.reuters.com/markets/us/jpmorgan-pay-about-350-mln-fine-trade-reporting-failures-2024-02-16/

[Old Crank]

1. Another slap on the wrist

For corporate crime.

We need to have people fired and banned from any banking business.

[GreenWave]

2. Keep pounding until corruption is wiped out.

[Scruffy1]

3. This is scary.

Looks like they are shelling out a lot of dough to get this swept under the rug. Maybe for once in my life some regulator will have the guts to actually prosecute a big bank anyway. To my way of thinking fines are some what meaningless since they are paid with other peoples money. Business as usual. Nothing to see hear.

[paleotn]

5. Yep. Fines are a cost of doing business. Someone actually going to jail is not.

The Feds need to put the fear of god in these people.

[paleotn]

4. "..not identified any employee misconduct, harm to clients or the market..."

Must not have been just a "software blip" if the Feds levied that size of penalty.

As for JP Morgan's statement.

1) Employee misconduct Define misconduct. Technically, it's not internal, company misconduct if someone is doing something they're instructed to do.

2) Harm to clients or the market. This certainly didn't "harm" the client(s) who's trading data didn't go the surveillance platform. Might have actually benefited said client(s) when it comes to outside scrutiny of potential criminal activity. And like trading firms don't harm markets whenever it damn well suits them by putting their thumbs on the scale.

Don't like to lean too far to the conspiracy side, but JP Morgan and their peers are guys I really, really, really don't trust. Ever.

[Wonder Why]

9. I say a similar thing when I rob the bank and the cops catch me and I have to give it back:

.....not identified any harm to clients or the market..." and even wasn't that Donnie's claim in the NYC Fraud trial? Nobody was hurt by overvaluating properties for loans and reducing them for taxes!

[BadgerKid]

6. AKA "cost of doing business"

among woke investors.

[turbinetree]

7. Violation Tracker Current Parent Company Summary..................... JP Morgan

https://violationtracker.goodjobsfirst.org/parent/jpmorgan-chase

They have three pages of violations...............

[jaxexpat]

8. What the hell is going on here? 1/3 of a billion-dollar fines are being thrown around a lot lately.

Maybe I'm just out of touch, but I thought 1/3 of a billion dollars was a lot of money to pay out for an employee's mistake without that employee(s) mopping the floor of his jail cell for the rest of their lives.

Let me put it this way. If a company can absorb the loss of that kind of money and it's just another day at the bank, that bank is operating totally outside the reach of the laws which regulators are supposed to enforce. This scenario cannot stand indefinitely. There will be an accounting. Islands of obscene prosperity floating on wispy clouds of presumption, illusion and leverage are just not going to work in inclement weather.