JPMorgan Chase & Co is preparing to pay nearly $200 million to settle U.S. regulatory investigations into lapses over monitoring employee communications, Bloomberg News reported on Friday, citing people familiar with the matter.
The bank could reach a settlement with the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission before the end of the year, the report said. However, the figure is preliminary and could change, the report added.
The CFTC and the SEC did not immediately respond to Reuters requests for comment. JPMorgan declined to comment.
Many financial firms ban the use of personal email, texts and other social media channels for work purposes, but have struggled to keep up with a proliferation of different modes of communication, especially during the pandemic.
Regulators are ramping up enforcement under the Biden administration. In October, Reuters reported the SEC had opened an inquiry into how Wall Street banks are keeping track of employees’ digital communications related to work matters.
