JPMorgan executives have been deposed and thousands of pages of internal documents subpoenaed as part of a U.S. investigation into the bank’s asset-management unit, according to people familiar with the situation.
Bloomberg News reports that the Securities and Exchange Commission’s enforcement division is looking at whether senior asset-management executives at the bank developed a policy of improperly steering clients into investments for JPMorgan’s own financial gain, these people said.
The SEC is scrutinizing, among other things, how the bank by assets managed pensions and other accounts that hold it to a so-called fiduciary standard, which obligates it to put clients’ financial interests ahead of its own.
The SEC’s investigation into potential conflicts of interest at JPMorgan, a probe that began roughly two years ago, has become more active in recent months, the people said. It is being assisted by the Office of the Comptroller of the Currency, which oversees national banks, according to another person who was briefed on the matter.
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