U.S. Banks

JPMorgan Told to Fix Oversight Tied to $6 Billion Loss

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JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion. Federal regulators also on Monday cited the bank for lapses in oversight that could allow the bank to be used for money laundering. Money laundering takes profits from the trafficking of drugs or arms or other illicit activities and passes them through bank accounts or other legitimate businesses to disguise the illegal activity.

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1 comments on "JPMorgan Told to Fix Oversight Tied to $6 Billion Loss"

Jeffrey Hill

January 15, 2013 10:34am

JPMorganChase CEO Jamie Dimond's executive bonus package is dependent on good oversight, competent risk management, and catastrophic loss prevention.