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News Summary: JPMorgan ordered to fix oversight

Published on NewsOK Modified: January 14, 2013 at 7:07 pm •  Published: January 14, 2013

FIX RISK MANAGEMENT: The government has ordered JPMorgan Chase & Co. to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion.

ANTI-LAUNDERING LAPSES: Federal regulators also cited JPMorgan, the biggest U.S. bank, for lapses in oversight that could allow the bank to be used for money laundering.

BANK PROMISES ACTION: JPMorgan promised to strengthen its policies and procedures to control risk and to screen customers to prevent money laundering.