JPMorgan checks indicate UK unit error a one-off

NEW YORK, June 3 (BestGrowthStock) – JPMorgan Chase & Co (JPM.N: )
has performed checks on its futures business globally after
discovering it had failed to segregate client assets in a UK
unit, a person familiar with the bank said.

Britain’s Financial Services Authority on Thursday fined
JPMorgan a record 33.32 million pounds ($49.12 million) for
failing to protect billions of dollars of client money over
almost seven years.

The bank’s checks indicated the error was a one-off issue
resulting from the merger of JPMorgan & Co and Chase Manhattan
Corporation in 2000, the person said.

Stock Report

(Reporting by Elinor Comlay, editing by Leslie Gevirtz)

JPMorgan checks indicate UK unit error a one-off