JPMorgan Chase & Co is set to pay nearly $1 billion (£786 million) 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.
FILE PHOTO: People walk inside JP Morgan headquarters in New York, October 25, 2013. REUTERS/Eduardo Munoz/File Photo
The settlement with the Department of Justice, the Securities and Exchange Commission , and the Commodity Futures Trading Commission could come as soon as this week and is not expected to result in any restrictions on the bank’s business, the person said. 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.
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