$200M JPMorgan Fine Signals Broader Regulatory Crackdown

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By Al Barbarino (December 20, 2021, 6:47 PM EST) — The $200 million regulatory fine levied on JPMorgan Chase & Co. could be a “shot across the bow” from regulators as they confront what are likely industrywide recordkeeping gaps that have emerged as brokers use digital messaging on personal devices to get ahead in a notoriously cutthroat business.

The nation’s largest bank agreed Friday to pay $125 million to the U.S. Securities and Exchange Commission and $75 million to the Commodity Futures Trading Commission after admitting that it failed to preserve business discussions that employees had on their personal devices via text and apps like WhatsApp.

While rumors have been swirling in…

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