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4-Traders Homepage  >  Equities  >  Nyse  >  JP Morgan Chase & Company    JPM

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JP Morgan Chase mpany : FINRA fines JPMorgan $1.25 million for failures in employee background checks

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11/21/2017 | 06:10pm CET
JP Morgan Chase & Co. corporate headquarters in New York

The Financial Industry Regulatory Authority said on Tuesday it fined JPMorgan Chase & Co's securities division $1.25 million (£945,110) for failing to conduct adequate background checks on 8,600 employees, including four people whose criminal convictions automatically disqualified them from working there.

Of the four individuals that FINRA found who were subject to "statutory disqualification" because of some criminal history, it said that one worked at JPMorgan for 10 years and another for eight years. Securities rules require banks to seek regulatory approval to employ anyone convicted of certain criminal offenses.

The regulator did not disclose the crimes to which the convictions were related.

None of the 8,600 were brokers, but all were employees, such as sales associates, subject to monitoring by FINRA, a non-governmental body that regulates the securities industry.

FINRA found that the 8,600 people were not screened thoroughly enough or not screened before or shortly after joining the bank.

The regulator also found that of that number, around 2,000 were not, as required, fingerprinted within a reasonable time frame.

JPMorgan Securities has around 35,000 associated employees total.

The inadequate background checks happened between January 2009 and May 2017, FINRA said.

“We self-reported this matter and are pleased it’s now behind us,” JPMorgan spokeswoman Jessica Francisco wrote by email.

As part of the settlement agreement, JPMorgan did not admit or deny the charges.

(Reporting By Elizabeth Dilts; Editing by Steve Orlofsky)

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Financials ($)
Sales 2018 108 B
EBIT 2018 45 439 M
Net income 2018 29 480 M
Debt 2018 -
Yield 2018 2,19%
P/E ratio 2018 13,34
P/E ratio 2019 11,90
Capi. / Sales 2018 3,64x
Capi. / Sales 2019 3,47x
Capitalization 393 B
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JP Morgan Chase & Company Technical Analysis Chart | JPM | US46625H1005 | 4-Traders
Technical analysis trends JP MORGAN CHASE & COMPANY
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 116 $
Spread / Average Target 2,2%
EPS Revisions
Managers
NameTitle
James Dimon Chairman & Chief Executive Officer
Marianne Lake Chief Financial Officer & Executive Vice President
Lori A. Beer Chief Information Officer
Rohan Amin Chief Information Security Officer
Lee R. Raymond Lead Independent Director
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