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MarketScreener Homepage  >  Equities  >  Nyse  >  JPMorgan Chase & Co.    JPM

JPMORGAN CHASE & CO.

(JPM)
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JPMorgan set to pay nearly $1 billion in spoofing penalty

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09/24/2020 | 12:21am EDT
JP Morgan Chase & Co sign outside headquarters in New York

JPMorgan Chase & Co is set to pay nearly $1 billion to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, a person familiar with the situation said on Wednesday.

The large fine would lift a regulatory shadow that has hung over the bank for several years and mark a signature victory for the government's efforts to clamp down on illegal trading techniques, such as spoofing, especially in the precious metals markets.

JPMorgan has said in public filings that it was in discussions with authorities about resolving the investigations.

The settlement with the Department of Justice, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) could come as soon as this week and is not expected to result in any restrictions on the bank's business, the person said.

The SEC declined to comment. The CFTC and Justice Department did not immediately respond to requests for comment. The settlement was first reported by Bloomberg News.

JPMorgan shares fell about 1.6% on Wednesday, less than the declines by other major banks.

Spoofing is a practice in which traders place orders they intend to cancel to move prices to benefit their market positions. The Justice Department has taken aim at the practice in recent years, using sophisticated data analysis tools to spot potential wrongdoing that it could not previously detect.

Reuters has reported that around 2017, the agency began using techniques it originally developed to spot healthcare fraud schemes to identify suspicious trading patterns, including by scanning activity on exchanges.

"The idea was: let's mine this data source to see who the worst actors are," Robert Zink, a top Justice official who helped lead the effort, told Reuters in May.

Read more: https://www.reuters.com/article/us-usa-doj-trading-insight/traders-beware-u-s-taps-new-tools-to-find-fraud-in-volatile-commodities-market-idUSKBN22X14E

The agency has already charged six JPMorgan traders for manipulating metals futures between 2008 and 2016.

(Reporting by Abhishek Manikandan and Akanksha Rana in Bengaluru, Lawrence Delevingne in Boston; additional reporting by Pete Schroeder in Washington and Koh Gui Qing in New York; Editing by Aditya Soni, Michelle Price and Sonya Hepinstall)

By Lawrence Delevingne and Abhishek Manikandan


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Financials (USD)
Sales 2020 118 B - -
Net income 2020 22 673 M - -
Net Debt 2020 - - -
P/E ratio 2020 13,6x
Yield 2020 3,61%
Capitalization 304 B 304 B -
Capi. / Sales 2020 2,57x
Capi. / Sales 2021 2,69x
Nbr of Employees 256 358
Free-Float 73,6%
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Number of Analysts 28
Average target price 116,05 $
Last Close Price 99,80 $
Spread / Highest target 44,3%
Spread / Average Target 16,3%
Spread / Lowest Target -19,8%
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James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Jennifer A. Piepszak Chief Financial Officer
Lori A. Beer Chief Information Officer
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