JPMorgan handed $2.4m penalty for relationship managers' misconduct

JPMorgan Chase Bank has been fined $2.4 million by regulators for its relationship managers' misconduct.

- Claire Huang

The Monetary Authority of Singapore (MAS) on Dec 2 said it imposed a civil penalty on the bank for failing to prevent and detect misconduct committed by its relationship managers.

It said the relationship managers had made inaccurate or incomplete disclosures to clients in 24 over-the-counter (OTC) bond transactions that took place between November 2018 and September 2019.

The incomplete and inaccurate disclosures meant that the clients were charged spreads that were above bilaterally agreed rates. A spread is the difference between the buying or bidding price and that of the selling or asking price of an asset or security.