JPMorgan Chase to spend an extra $4B on compliance
Mega bank JPMorgan Chase (JPM) is playing it safe. After a series of investigations and a plethora of new rules, the bank is reportedly prepared to allocate an additional $4 billion to cover risk and compliance issues, Seeking Alpha reports.
The financial publication says:
The bank will spend a further $1.5B on managing risk and complying with regulations, and provision an extra $2.5B for litigation. It has already spent $18B since 2008 in legal expenses.
The investigations into JPM include those into its London Whaling Loss and mortgage bonds.