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
“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 of the fine in a Nov. 2 regulatory
There was no finding that any clients were harmed, a person briefed on the matter said.
“We are committed to delivering best-in-class controls across our business, and we have invested significantly in and enhanced our controls platform over the last several years to address the issues identified,” JPMorgan spokesman
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