Reported 2 days ago
JPMorgan Chase & Co. has been fined S$2.4 million ($1.8 million) by Singapore for failing to prevent misconduct by its relationship managers in bond trades. Between November 2018 and September 2019, bankers provided inaccurate disclosures to clients in 24 transactions, resulting in clients being charged above agreed rates. The Monetary Authority of Singapore found that the bank misrepresented pricing and failed to share critical information. JPMorgan has admitted liability, refunded overcharged fees, and updated its internal controls and training.
Source: YAHOO