JPMorgan ups spending on compliance

JPMorgan Chase (JPM) CEO Jamie Dimon told employees in a memo that the bank increased its “spending on control efforts” by $1 billion approximately, Seeking Alpha reports.

Furthermore, the bank hired 3,000 employees for its compliance and legal departments.

Seeking Alpha has more on these initiatives:

The $700M-$800M in fines the bank is paying over the London Whale issue is little more than a flesh wound says FBR's Paul Miller, reminding the bank generates pretax income in the $30B-$40B range. While the issue is a "giant headache for Jamie" and a few big lawyers, it's not affecting the operations of the bank, says Miller.

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