News Summary: JPMorgan ordered to fix oversight
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.
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