News: JPMorgan 'agrees' to pay $13 bln penalty

Strategic HR

JPMorgan 'agrees' to pay $13 bln penalty

JPMorgan Chase & Co has reached a tentative $13 billion deal with the U.S. Justice Department and other government agencies to settle investigations into bad mortgage loans the bank sold to investors before the financial crisis, Financial Express reported.

JPMorgan Chase & Co has reached a tentative $13 billion deal with the U.S. Justice Department and other government agencies to settle investigations into bad mortgage loans the bank sold to investors before the financial crisis, Financial Express reported.

According to the report, the ongoing criminal investigation underscores how even if this settlement takes some heat off JPMorgan Chief Executive Jamie Dimon, he still has myriad regulatory issues to deal with. While JPMorgan investors have publicly supported Dimon, privately many have expressed frustration at his run-ins with regulators. The report added that a Senate subcommittee report in March detailed how Dimon demanded that subordinates withhold data from one of the bank's regulators, the Office of the Comptroller of the Currency. Also, earlier this month, the bank said that Dimon was no longer chairman of JPMorgan's main U.S. retail banking subsidiary.

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Topics: Strategic HR, #Updates, #International

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