JPMorgan Fined $250 Million for Asset, Wealth Management Lapse

JPMorgan Chase & Co. will pay $250 million to settle a banking regulator’s allegations that it failed to maintain adequate internal controls in its asset- and wealth-management business.

The Office of the Comptroller of the Currency found the bank had deficient risk-management practices and lacked appropriate checks on conflicts of interest, according to an OCC statement Tuesday.

“For several years, the bank maintained a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities,” according to a consent order released by the OCC.

JPMorgan disclosed the possibility ...