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Weekly Roundup: JPMorgan to Spend $4 Billion on Compliance Controls, New York Probes Bank Consultancies, and More
printContending with regulatory troubles and related lawsuits, JPMorgan Chase plans to spend an additional $4 billion on its risk and compliance controls, The Wall Street Journal reported, citing individuals familiar with the bank. The expenditure, which will in part address anti-money laundering issues, includes the cost of hiring 5,000 new employees. More The New York State Department of Financial Services has sent subpoenas to Promontory Financial Group and PricewaterhouseCoopers as part of an investigation into whether the industry's business model has inherent conflicts of interest, The New York Times said. The agency fined Deloitte $10 million in June after accusing...
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