A slew of fines by regulators saw JP Morgan’s legal costs mount to $2.9 billion last year, with an unexpectedly high $1 billion bill for the fourth quarter of 2014.
Between 2009 and 2013, the company paid out $55 billion for legal-related costs, according to the Conduct Costs Project.
“Banks are under assault,” boss Jamie Dimon told the Guardian. “We have five or six regulators coming at us on every issue. Obviously companies make mistakes. We try to resolve it, we try to fix it, we admit it,” he said.
This month, the bank paid a $660m settlement to regulators for its part in the manipulation of foreign exchange markets. Five other banks have also incurred penalties.
Despite the additional costs, JP Morgan has enjoyed a highly profitable year, with income of over $22bn – a jump from just $18bn the previous year.
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
After winning the German presidency for her fourth term, Angela Merkel must weld a coalition government or have a minority rule with the most far-right politicians seen in 50 decades.
A study of the leadership pipeline at the UK’s FTSE 100 corporates shows modest progress, but many top companies still have no ethnic minority presence.
The world’s third-largest economy expanded by 1.0% in the second quarter of 2017 over Q1, giving an annual rise of 4.0% in gross domestic product for the year to June.