Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

JPMorgan fined $200M for employees' use of WhatsApp, personal devices to discuss business matters

JPMorgan fined $200M for employees' use of WhatsApp, personal devices to discuss business matters

A compliance consultant will also review JPMorgan's policies and procedures relating to employee communications and make recommendations

JPMorgan Chase has agreed to pay $200 million in fines imposed by the Securities and Exchange Commission and Commodity Futures Trading Commission for failing to keep track of its employees' personal communications about business matters.

From at least January 2018 through November 2020, JPMorgan employees, including managing directors and other senior supervisors, allegedly exchanged thousands of messages through text, WhatsApp and personal email accounts about securities matters, including investment strategy, discussions of client meetings and communications about market color, analysis, activity trends or events, according to the SEC.

The agency noted that no record of the communications were preserved by the investment bank as required under federal securities laws and that JPMorgan admitted its failures were companywide and that its practices were not hidden.

"JPMorgan received and responded to commission subpoenas for documents and records requests in numerous commission investigations during the time period that it failed to maintain required securities records relating to the business," the SEC's order states. "In responding to these subpoenas and requests, JPMorgan frequently did not search for records contained on the personal devices of JPMorgan employees relevant to those inquiries.

"JPMorgan’s record-keeping failures impacted the commission’s ability to carry out its regulatory functions and investigate potential violations of the federal securities laws across these investigations"

As a result, JPMorgan will pay $125 million to resolve the SEC's charges and has agreed to hire a compliance consultant to review its policies and procedures regarding employee communications and make recommendations for improvements. It will also pay $75 million to the CFTC to settle charges from its separate investigation into the matter.

Prior to the SEC and CFTC's actions, the investment bank enhanced its policies and procedures and increased training relating to the use of approved communications methods, including personal devices. It also made significant changes to the technology available to employees. A JPMorgan spokesperson declined to comment.


The SEC emphasized that it is launching additional investigations into record preservation practices by other financial firms.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×