European Central Bank fines JPMorgan Chase ten million euros

On the 19th, the European Central Bank announced a €12.18 million administrative fine against JPMorgan Chase’s European subsidiary for violating reporting rules and providing false information regarding capital requirements. This is reportedly the largest fine issued by the ECB to date. In a statement, the ECB said that from 2019 to 2024, JPMorgan Chase reported risk-weighted assets lower than its actual level. This was due to misclassification of corporate risk exposures for 15 consecutive quarters and using credit risk weights below the regulatory standards. Additionally, JPMorgan Chase improperly excluded certain transactions when calculating risk-weighted assets for 21 consecutive quarters. The statement said JPMorgan Chase submitted inaccurate financial data to the ECB, preventing a full understanding of its risk profile. JPMorgan Chase is one of the largest banks in the United States. In response to the fine, a JPMorgan Chase spokesperson stated that the company has taken corrective actions and will maintain a “prudent and cautious” approach to capital adequacy. (CCTV News)