4 Financial Stock Stories to Take to the Bank
JPMorgan Chase & Co. (NYSE:JPM): Current price $46.04
On Monday, the Federal Reserve Board issued two consent Cease and Desist Orders against JPMorgan, a registered bank holding company. The first order mandates that the firm take corrective action to continue ongoing enhancements to its risk-management program and also its finance and internal audit functions, especially in regard to its Chief Investment Office. This order is subsequent to the disclosure of significant losses in a large synthetic credit portfolio that was overseen by the CIO. The second order says that JPMC must take corrective action to modify its program to be in compliance with the Bank Secrecy Act as well as other anti-money laundering requirements at the bank’s various subsidiaries.
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