JPMorgan Chase fined over surveillance lapses

JPMorgan Chase & Co. was fined a total of $348 million by US regulators over gaps in its trade-surveillance program, which they said failed to monitor conduct of its employees and clients. The Office of the Comptroller of the Currency fined the bank $250 million, while the Federal Reserve added a $98 million penalty, according to statements from the regulators Thursday. Both overseers required the bank to take corrective actions to fix the issues, which they said occurred as recently as last year. “The consequences of these deficiencies include the bank’s failure to surveil billions of instances of trading activity on at least 30 global trading venues,” the OCC said in its consent order. The bank neither admitted nor denied the OCC’s findings. A representative for the bank said it doesn’t expect any disruption to client services as a result of the actions.