JPMorgan Europe Fined €12.2 Million by ECB for Misreporting Capital Requirements
The European Central Bank stated in a statement on Thursday that JPMorgan's European branch was fined 12.18 million euros (14.32 million U.S. dollars) by the European Central Bank for misreporting capital requirements due to incorrect calculation of risk-weighted assets.
The European Central Bank said that between 2019 and 2024, the bank reported risk-weighted assets at a level lower than required; this occurred because the bank misclassified corporate risk exposures for 15 consecutive quarters and applied a credit risk weighting lower than that stipulated by banking regulations.
The European Central Bank added that the bank also inappropriately excluded certain transactions when calculating risk-weighted assets, a decision that may be challenged by the EU courts.
JPMorgan acknowledged the fine and has taken remedial measures.
A JPMorgan spokesperson stated that JPMorgan Securities proactively discovered and self-reported these issues, which have now been fully rectified. JPMorgan Securities has always maintained a strong capital buffer, and its robust and prudent capitalization approach remains unchanged.
Editor: Li Tong
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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