JPMorgan under US criminal probe on forex trade


NEW YORK CITY: The US Department of Justice (DOJ) has launched a criminal investigation of JPMorgan Chase’s foreign exchange trading business, the bank disclosed on Monday (Tuesday in Manila) in a securities filing. JPMorgan said it is cooperating with the DOJ probe and with other US and foreign investigations related to manipulation in the forex trade, as it raised its estimate of related legal costs by $1.3 billion to $5.9 billion. The foreign exchange probes focus on the bank’s “spot FX trading activities as well as controls applicable to those activities,” the filing said.



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