JPMorgan Chase will spend $2 billion a year to meet settlement terms

[unhappycamper]

http://www.rawstory.com/rs/2013/12/11/jpmorgan-chase-will-spend-2-billion-a-year-to-meet-settlement-terms/



JPMorgan Chase will spend $2 billion a year to meet settlement terms
By Agence France-Presse
Wednesday, December 11, 2013 16:23 EST

US banking giant JPMorgan Chase expects to spend $2 billion in annual compliance costs starting in 2014, chief executive Jamie Dimon said Wednesday.

The spending is double what the bank previously projected and comes on the heels of several major settlements over alleged law and banking rules violations with regulators.

“The $2 billion for the most part is permanent,” Dimon said at a Goldman Sachs conference. “It’s not going to go away.”

Dimon said the spending would go to hire compliance staff, conduct training, employ auditors and take other steps to ensure the US’ largest bank by assets operates in line with the rules.

[Turbineguy]

1. Those pesky rules.

Life for financial predators would be easier without those pesky rules.

[bemildred]

2. Sounds good. nt