Fed fines JPMorgan Chase $350M for inadequate practices

By Ovunc Kutlu

ISTANBUL (AA) - The US Federal Reserve fined JPMorgan Chase approximately $350 million due to inadequate monitoring practices.

The Fed said on Thursday that its board fined the American multinational financial institution approximately $98.2 million "for an inadequate program to monitor firm and client trading activities for market misconduct."

"The Board's action requires JPMorgan Chase to review and take corrective action to address the firm's inadequate monitoring practices, which occurred between 2014 and 2023," said the statement.

"The Board's action was taken in coordination with the Office of the Comptroller of the Currency. The penalties announced by the Board and the Office of the Comptroller of the Currency total approximately $348.2 million," it added.