Federal banking regulators have slapped JPMorgan Chase with a $250 million civil monetary penalty for risk management and other control failings in its asset and wealth management business.
The Office of the Comptroller of the Currency said it found that the bank’s risk management practices were “deficient and it lacked sufficient controls to avoid conflicts of interest.”
The bank has since taken steps to remedy those deficiencies, the OCC said in its consent order.
The OCC found that JPMorgan had had “a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities.”
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
