JPMorgan Chase & Co. expects to pay more than $350 million to settle regulatory claims that it failed to feed information on trades into market surveillance systems.
The biggest US bank will pay about that much to two US watchdogs and is in advanced talks with a third, the company said Friday in an annual filing.
“The firm self-identified that certain trading and order data through the CIB was not feeding into its trade-surveillance platforms,” JPMorgan said, referring to its commercial and investment bank. “The firm does not expect any disruption of service to clients as a result of these resolutions.”
JPMorgan, which houses Wall Street’s largest trading shop, said in November it was cooperating with investigations into whether the firm had provided complete trading and order data as required and that some authorities had proposed penalties.
While the lapses affected only a fraction of the division’s total activity, the amount of data tied to one venue was “significant,” the bank said in the latest filing. It hasn’t identified any employee misconduct or any harm to clients or the market. It already bolstered its controls and is almost done reviewing the data that wasn’t initially screened.
Among other disclosures Friday, JPMorgan said it’s responding to inquiries from US authorities over its handling of Zelle fund-transfer disputes.
The bank also warned that it faces “actual and threatened litigation in Russia seeking payments on transactions that the firm cannot make, and is contractually excused from paying, under relevant sanctions laws.” The lender said that assets it holds in that country could be seized as a result.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
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