US EditionECB Fines JPMorgan 12.2 Mln Euros for Misreporting Capital Requirements
15 Articles
15 Articles
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.
The US bank receives a penalty of EUR 12.2 million for providing incorrect data on its capital needs, a "serious negligence" according to the European Central Bank.
On Thursday, the European Central Bank imposed the largest sanction in its history on the US bank JP Morgan, amounting to €12.2 million ($19.7 million), for providing incorrect data on its capital requirements.
"Between 2019 and 2024, the bank reported risk-weighted assets," preventing the ECB, which acts as a supervisor, from having a ‘full view of its risk profile', explained the central bank.
Times of India
The Economic TimesECB fines JPMorgan 12.2 mln euros for misreporting capital requirements
The European Central Bank has imposed a significant fine of over 12 million euros on JPMorgan's European division. This penalty stems from incorrect reporting of capital requirements. The bank miscalculated its risk-weighted assets for a prolonged period.
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