By Ben Glickman


J.P. Morgan Chase expects to pay $350 million in fines to U.S. regulators for recordkeeping failures in its corporate and investment bank.

The bank said in its annual report on Friday that its resolution with two U.S. regulators is also expected to require remediation of the issue and the engagement of an independent consultant.

J.P. Morgan said it had self-identified that some trading and order data through the its corporate and investment bank was not feeding into its trade surveillance platforms. The data gap was significant for one venue, which mostly included sponsored client access activity.

The bank said it has been responding to government inquiries about its processes to inventory trading venues and confirm the completeness of certain data.

The bank is also in negotiations with a third U.S. regulator, but said there could be no assurances that the talks would result in a resolution.

J.P. Morgan "has completed enhancements to the CIB's venue inventory and data completeness controls, and other remediation is underway," it said in its annual report.

The bank does not expect any disruption to client services.


Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

02-16-24 1707ET