JPMorgan Fined $2.4 Million for Overcharging Private Banking Clients
The Monetary Authority of Singapore (MAS) has handed JPMorgan Chase Bank, N.A. (JPM) a $2.4 million civil penalty. The fine comes after regulators uncovered a series of missteps by the bank’s relationship managers (RMs), who misrepresented fees during over-the-counter (OTC) bond transactions, leaving clients unknowingly overcharged.