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JPMorgan set to pay $200 million fine over staff communications lapse

by Mike Robinson

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© Reuters. FILE PHOTO: A sign outside JP Morgan Chase & Co. offices is seen in New York City, U.S., March 29, 2021. REUTERS/Brendan McDermid/File Photo

(Reuters) – JPMorgan Chase & Co (NYSE:) is preparing to pay nearly $200 million to settle U.S. regulatory investigations into lapses over monitoring employee communications, Bloomberg News reported on Friday, citing people familiar with the matter.

According to reports, the bank might reach a settlement before the end the year with both the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission. The report said that the number is only a preliminary estimate and may change.

Reuters asked for comments from the CFTC or SEC, but neither responded immediately. JPMorgan did not respond to requests for comment.

Financial firms often prohibit the use of email and text for personal purposes. However, they have had to cope with the proliferation of communications, particularly during this pandemic.

Under the Biden administration, regulators are increasing enforcement. Reuters reported that in October the SEC launched an investigation into Wall Street banks’ use of digital communications to track employees working on work-related issues.

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