Report reveals 'turf battles' in NY Fed's supervision of JPMorgan Chase

Washington

THE Federal Reserve Bank of New York's overseeing of the JPMorgan Chase & Co office responsible for the US$6.2 billion trading loss attributed to the so-called London Whale was marked by "turf battles" and a tense relationship with another agency, according to a watchdog report released on Thursday.

The Fed's Office of Inspector General found a lack of cooperation between the New York Fed and the Office of the Comptroller of the Currency (OCC) in their supervision of JPMorgan's chief investment office, the watchdog said in the report.