JPMORGAN CHASE & CO.

(JPM)
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Real-time Estimate Cboe BZX  -  10:23 2022-08-09 am EDT
114.87 USD   +0.45%
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Review ordered into JP Morgan risk reporting

04/22/2022 | 01:31am EDT

A UK REGULATOR has instructed JP Morgan to review its approach to risk management amid a crackdown on reporting procedures of banks.

The Prudential Regulation Authority (PRA) told JP Morgan to commission a section 166 review to analyse the accuracy of its reporting, inside sources told Bloomberg. Such reviews allow regulators to make firms appoint a third party consultant to assess company processes and can result in reports ordering sweeping changes.

It comes after the PRA, which supervises UK banks, warned the sector in January that it would increase its use of section 166 reviews. The Bank of England's PRA had previously told banks that firms were not treating the preparation of their regulatory returns with adequate care and diligence.

In the three months ending in February 2022 the PRA commissioned 11 skilled person reviews into banks and building societies, up from just one section 166 review in the same period a year prior. In a sign that the regulator is turning the screws on UK banking heavyweights, a section 166 review was ordered into HSBC's credit risk reporting in February.

The PRA declined to comment when approached by City A.M. JP Morgan did not respond to a request for comment by press time.

(c) 2022 City A.M., source Newspaper

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Financials (USD)
Sales 2022 127 B - -
Net income 2022 32 752 M - -
Net Debt 2022 - - -
P/E ratio 2022 10,2x
Yield 2022 3,53%
Capitalization 335 B 335 B -
Capi. / Sales 2022 2,65x
Capi. / Sales 2023 2,45x
Nbr of Employees 278 494
Free-Float 70,8%
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Number of Analysts 27
Last Close Price 114,35 $
Average target price 138,65 $
Spread / Average Target 21,3%
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Managers and Directors
James Dimon Director
Daniel E. Pinto President & Chief Operating Officer
Jeremy Barnum Chief Financial Officer & Executive VP
Lori A. Beer Global Chief Information Officer
Rohan Amin Chief Information Security Officer
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