JPMorgan Chase agreed to settle with the OCC in the “interest of cooperation and to avoid additional costs associated with administrative and judicial proceedings” in connection to its alleged violations.
The bank settled without admitting or denying the OCC findings. It also implemented measures to remediate its alleged deficiencies.
In a statement, a spokesman for the bank 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.
In September, JP Morgan Chase and its subsidiaries agreed to pay a total of $920 million to resolve charges that its traders practiced spoofing to manipulate the precious metals and Treasury securities markets.
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