April 20, 2014 12:58 PM ET

Banks

Company Overview of JPMorgan Chase Bank, N.A.

Company Overview

JPMorgan Chase Bank, National Association provides a range of banking services in the United States and internationally. The company offers various financial services, which include interest and non interest-bearing deposits, including demand, savings, and time deposits; wholesale and consumer loans; credit cards; investment banking; financial services for consumers and small business; commercial banking, financial transactions processing, and asset management under the J.P. Morgan and Chase brand names. It serves corporate, institutional, and governmental clients, as well as municipalities, hospitals, and other not-for-profit entities. The company is based in Columbus, the United States. JP...

10 South Dearborn

Floor 05

Chicago, IL 60603-2003

United States

61 Employees

Key Executives for JPMorgan Chase Bank, N.A.

President for Western Pennsylvania Market
Senior Vice President
Senior Originator of Chase Business Credit
Compensation as of Fiscal Year 2013.

JPMorgan Chase Bank, N.A. Key Developments

Manhattan U.S. Attorney and FBI Assistant Director in Charge Announce Filing of Criminal Charges Against JPMorgan Chase Bank, N.A

Preet Bharara, the United States Attorney for the Southern District of New York, and George Venizelos, the Assistant Director in Charge of the New York Office of the Federal Bureau of Investigation (FBI), announced criminal charges against JPMorgan Chase Bank N.A. (JPMorgan or the bank), consisting of two felony violations of the Bank Secrecy Act, in connection with the bank's relationship with Bernard L. Madoff Investment Securities (Madoff Securities). The case is assigned to United States District Judge Lewis A. Kaplan. Also Mr. Bharara announced an agreement (the agreement) with JPMorgan, under which the bank agreed to accept responsibility for its conduct by stipulating to the accuracy of an extensive statement of facts; to pay a $1.7 billion penalty to the victims of the Madoff fraud through a parallel civil forfeiture complaint; to refrain from future criminal conduct and cooperate fully with the government; and to continue reforms of its Bank Secrecy Act (BSA)/Anti-Money Laundering compliance program. The criminal charges are contained in a two-count felony Information (the information). Assuming the bank's continued compliance with the agreement, the government has agreed to defer prosecution on the information for a period of two years, after which time the government will seek to dismiss the charges. In separate actions, the United States Department of the Treasury, Office of the Comptroller of the Currency (OCC), and the Financial Crimes Enforcement Network (FinCEN) announced that they had also reached agreements with JPMorgan.

Commodity Futures Trading Commission Files and Settles Charges against JPMorgan Chase Bank, N.A. for Violating Prohibition on Manipulative Conduct in Connection with 'London Whale' Swaps Trades

The U.S. Commodity Futures Trading Commission (CFTC) issued an Order against JPMorgan Chase Bank, N.A., bringing and settling charges for employing a manipulative device in connection with the Bank’s trading of certain credit default swaps (CDS), in violation of the new Dodd-Frank prohibition against manipulative conduct. As set in the CFTC’s Order, by selling a staggering volume of these swaps in a concentrated period, the Bank, acting through its traders, recklessly disregarded the fundamental precept on which market participants rely, that prices are established based on legitimate forces of supply and demand. As a result, after a thorough 17-month investigation, the Commission has found the Bank liable for violating Section 6(c)(1) of the Commodity Exchange Act, 7 U.S.C. §9 (2012), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and Commission Regulation 180.1, 17 C.F.R. §180.1 (2012).

CFTC Intends to Recommend Enforcement Action Against JPMorgan Chase Bank NA

The CFTC is considering taking JPMorgan Chase & Co. to court over the 'London Whale' fiasco. The potential court battle comes amid a lack of progress in settlement talks between the regulator and the bank over the huge trading loss. JPMorgan has already received a Wells Notice from the CFTC notifying the company that the agency intends to recommend enforcement action against unit JPMorgan Chase Bank NA in connection with trading activities in 2012. The company also agreed to pay a total of about $920 million to federal regulators in the U.S. and U.K. over deficiencies related to the 'London Whale' episode. But the CFTC decided to pursue its own case against the bank.

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