JPMorgan to spend $4 bln on compliance and risk controls-WSJ
NEW YORK, Sept 12
NEW YORK, Sept 12 (Reuters) - JPMorgan Chase & Co plans to spend an additional $4 billion and commit 5,000 extra employees to fix risk and compliance issues after a slew of investigations by regulatory authorities, the Wall Street Journal reported on Thursday.
JPMorgan will spend $1.5 billion on managing risk and complying with regulations, and plans to add $2.5 billion to its litigation reserves in the second half of the year, the Journal reported.
The bank will also increase its risk-control staff by 30 percent, the WSJ said, citing people familiar with the matter.
"Fixing our controls issues is job No. 1," the Journal quoted Chief Executive Officer James Dimon as saying in an interview. "This is a huge investment of people, time and money ... but it will make us stronger in the long run."
JPMorgan has been facing scrutiny from U.S. regulators about issues ranging from losing $6 billion on complex derivatives bets known as the "Whale" trades last year to its hiring practices in China.
- Housing, jobs data weaken, but overall economic picture still upbeat
- Putin critic Khodorkovsky in Germany after pardon
- Target cyber breach hits 40 million payment cards at holiday peak |
- Pizza outlet attacked as India, U.S. fail to cool diplomat row |
- New York Mayor-elect's reputation for lateness parodied on Twitter