(Bloomberg) -- 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 of the fine in a Nov. 2 regulatory filing, saying it was related to historical deficiencies in internal controls over certain advisory activities. The New York-based bank has addressed the deficiencies, according to the order.
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 Darin Oduyoye said in an interview.
