Frauds & Scandals | |
Frauds & Scandals | |
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Monday, June
10, 2019 / 07:39AM / By
Federal Reserve / Header Image Credit: Temple MIS - Temple University
The
Federal Reserve Board on Thursday announced the termination of an enforcement
action against JPMorgan Chase & Co. from January 2013.
The
enforcement action identified deficiencies in the firm's internal controls,
particularly at the firm's Chief Investment Office (CIO), following the
disclosure of significant losses in a large synthetic credit portfolio managed
by the CIO.
The
enforcement action required the firm to improve its risk-management program and
internal audit functions and was terminated based on evidence of substantial
improvements by the firm.
The
enforcement action from January 2013 can be found here.
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