JPMorgan Chase & Co. is nearing a deal to pay a $200 million fine and admit that it failed to properly monitor employees’ messages, the first settlement to emerge from a regulatory sweep into how banks oversee traders’ chats.
The investigations by the Securities and Exchange Commission and Commodity Futures Trading Commission focused on concerns that the bank didn’t have an adequate system for retaining the chats, according to people familiar with the matter. Banks are supposed to retain employees’ communications, particularly those related to customer dealings, and provide the information to regulators when requested.
