JP Morgan Faces US Criminal Probe Over Foreign Exchange Market Activity - Report

Tom Burroughes

4 November 2014

JP Morgan faces a US criminal investigation into its foreign exchange operations, joining a number of other banks, such as HSBC, which are under the spotlight over alleged wrongdoings in this market, according to Bloomberg.

The US bank reportedly said it faces the probe and has increased its maximum estimate for “reasonably possible” losses on legal cases to the highest in more than a year, the news service said.

This publication is in contact with the bank about the matter to seek further details and clarification.

The news service’s report said JP Morgan is cooperating with the criminal investigation by the US Department of Justice as well as inquiries by regulators in the UK and other jurisdictions, according to a report. The bank said it might need as much as $5.9 billion to cover losses beyond reserves for legal matters, and increase of $1.3 billion from the end of June.