US EditionECB Fines JPMorgan 12.2 Mln Euros for Misreporting Capital Requirements
- The European Central Bank fined JPMorgan 12.2 million euros for misreporting risk-weighted assets between 2019 and 2024, marking the largest fine by the ECB to date.
- JPMorgan misclassified corporate exposures for 15 consecutive quarters and excluded some transactions for 21 quarters, which led to underreported risk and overstated capital buffers.
- The ECB described these breaches as caused by serious negligence and evident deficiencies in JPMorgan's internal processes and controls, which delayed detection of the errors.
- JPMorgan can challenge the ECB's decision before the Court of Justice of the European Union.
37 Articles
37 Articles
The European Central Bank (ECB) has applied the biggest amendment from its history of the US Bank JP Morgan - 12.2 million euros - because it has provided earmarked data on its capital needs.
The US bank is said to have misstated its capital requirements, which is why European banking supervision has now imposed a million-dollar penalty.
The European Central Bank has imposed penalties of more than EUR 12 million on the European branch of the US investment bank JP Morgan.
The European Central Bank (ECB) has fined the American bank J.P. Morgan 12.18 million euros (295.3 million CZK) for incorrect reporting of risks and capital requirements in the years 2019 to 2024. The American bank misclassified some transactions and omitted others from the calculations completely, thus overstating the amount of its capital reserves, the ECB said.
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