JPMorgan to spend $4 billion on compliance and risk controls

JPMorgan Chase & Co plans to spend an additional $4 billion and commit 5,000 extra employees to clean up risk and compliance issues, the Wall Street Journal reported.

JPMorgan will spend $1.5 billion on managing risk and complying with regulations. This will include a 30 per cent increase in risk-control staffing. The report added that JP Morgan Chase & Co plans to add $2.5 billion to its litigation reserves in the second half of the year.

To read the complete report click here