Aug 8 The U.S. Securities and Exchange
Commission is investigating whether JPMorgan Chase & Co
inappropriately steered private-banking clients to its own
investment products and away from those offered by outside
firms, the Wall Street Journal reported on Friday, citing people
familiar with the matter.
The civil inquiry by the SEC's enforcement division is
parallel to one launched several months ago by the Office of the
Comptroller of the Currency, the Journal reported. (on.wsj.com/X7skDP)
The OCC began questioning bank executives several months ago
about the percentage of clients' assets that were being directed
to JPMorgan's own funds and products instead of third-party
options, the Journal said. The regulator routinely monitors
banks' sales of in-house financial products to clients.
The SEC probe is the latest in a series of regulatory probes
for the Wall Street bank, which paid $13 billion last year to
settle civil fraud claims that it misled mortgage bond
JPMorgan was not immediately available to comment.
Though the SEC investigation is ongoing, it was not clear
whether the OCC closed its probe, the Journal said.
(Reporting by Avik Das in Bangalore)