JPMorgan to spend $5 billion on compliance and risk controls: Report
NEW YORK (REUTERS) - JPMorgan Chase & Co plans to spend an additional US$4 billion (S$5.07 billion) and commit 5,000 extra employees to fix risk and compliance issues after a slew of investigations by regulatory authorities, the Wall Street Journal reported on Thursday.
JPMorgan will spend US$1.5 billion on managing risk and complying with regulations and plans to add US$2.5 billion to its litigation reserves in the second half of the year, the Journal reported.
The bank will also increase its risk-control staff by 30 percent, the WSJ said, citing people familiar with the matter.
JPMorgan said on Monday that it would add more than US$1.5 billion to its legal reserves in the third quarter and 3,000 people had been added to control functions.