US SEC and JPMorgan in talks to settle probe regarding product steering

[BENGALURU] JPMorgan Chase & Co is in talks with the US Securities and Exchange Commission to settle a probe by the agency on whether the bank inappropriately advised its private-banking clients toward its own investment products, the Wall Street Journal reported, citing people familiar with the matter.

A settlement may come as early as this summer and could include a fine, the size of which was not known, WSJ said, citing people familiar with the matter. JPMorgan Chase & Co disclosed in May that it received subpoenas from the Securities and Exchange Commission over how it sells its mutual funds.

Other government authorities and a self-regulatory organization, apart from the SEC, have also sought information about the bank's use of proprietary products in its wealth-management business, JPMorgan said in a regulatory filing last month.

Representatives at JPMorgan and the Securities and Exchange Commission were unavailable for comment outside regular business hours.

REUTERS