JPMorgan bracing for $350M in penalties over trade surveillance

JPMorgan Chase

JPMorgan Chase disclosed in a regulatory filing it expects to be penalized approximately $350 million by two unnamed U.S. regulators over lapses in its trading surveillance activities.

The firm self-identified “certain trading and order data through the CIB (corporate and investment bank) was not feeding into its trade surveillance platforms,” according to JPMorgan’s latest annual report filed Friday.

As part of an internal investigation, the firm said it nearly completed reviewing data not originally surveilled and, so far, has “not identified any employee misconduct, harm to clients, or the market.”

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