"JPMorgan Chase Fined $348.2M, Ordered to Cease 'Unsafe' Banking Practices"

JPMorgan Chase is facing a $348.20 million fine from the Federal Reserve and the OCC for "unsafe or unsound" banking practices related to its trade surveillance program. The bank's deficiencies in monitoring traders and clients for potential market misconduct led to the penalty and cease-and-desist orders, requiring extensive improvements to its trade surveillance program. This is part of a pattern, as the bank has paid a total of $39.34 billion in fines since 2000, despite making $49.6 billion in profit last year.