ECB Fines JPMorgan 12.2 Mln Euros Over Capital Reporting Error

FRANKFURT, Feb 20 (Bernama-Xinhua) -- The European Central Bank (ECB) said on Thursday it had imposed two administrative penalties totalling 12.18 million euros on JPMorgan's European arm for misreporting capital requirements after wrongly calculating risk-weighted assets, reported Xinhua.

The ECB found that between 2019 and 2024, JPMorgan reported lower risk-weighted assets than it should have done.

Citing its other wrongdoings, the ECB said, "the bank committed both breaches with serious negligence, driven by evident deficiencies in its internal processes," blaming the bank's internal controls for failing to detect the breaches on time. 

--BERNAMA-XINHUA