JPMorgan told to fix controls tied to $6B loss
JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion.
Federal regulators are also citing the nation's largest bank for lapses in control that allowed the bank to be used for money laundering.
JPMorgan will not pay a fine under the agreements with the Federal Reserve and the U.S. Comptroller of the Currency, a Treasury Department agency. JPMorgan promised to strengthen its policies and procedures to control risk and to screen customers to prevent money laundering.