JPMorgan Execs Said Deposed in SEC Asset-Management Probe
Bloomberg reported, citing people familiar with the situation, JPMorgan Chase executives have been deposed and thousands of pages of internal documents subpoenaed as part of a U.S. investigation into the bank’s asset-management unit.
According to Bloomberg , the SEC’s enforcement division is looking at whether senior asset-management executives at the bank developed a policy of improperly steering clients into investments for JPMorgan’s own financial gain.
Bloomberg said the SEC is scrutinizing, among other things, how the largest U.S. bank by assets managed pensions and other accounts that hold it to a so-called fiduciary standard, which obligates it to put clients’ financial interests ahead of its own.
To read the entire Bloomberg report, click here.