The supervisory authority OCC accuses the big bank of a lack of internal controls in risk management.
The largest US bank JPMorgan Chase has to pay a heavy fine for alleged supervisory failure. The OCC, which is part of the US Treasury Department, fined the institute on Tuesday a fine of 250 million dollars (210.5 million euros).
The supervisors accused JPMorgan of a lack of internal controls. There have been deficits in risk management for years, and conflicts of interest have not been adequately prevented. The bank accepted the penalty and corrected the deficiencies.
At the end of September, JPMorgan was sentenced to a fine of 920 million dollars by the US financial regulator CFTC for market manipulation. Traders at the bank are said to have influenced the prices of precious metals and bond contracts in their favor for years.
