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Singapore cenbank fines JPMorgan $1.8 mln over misconduct by relationship managers

BY Reuters | ECONOMIC | 12/01/24 10:13 PM EST

Dec 2 (Reuters) - Singapore's central bank on Monday said it fined U.S. lender JPMorgan Chase (JPM) a civil penalty of S$2.4 million ($1.79 million) for failing to prevent and detect misconduct committed by its relationship managers.

The Monetary Authority of Singapore said JPMorgan's (JPM) relationship managers provided inaccurate or incomplete information to clients in 24 instances of over-the-counter bond transactions, charging them spreads above the agreed rates. ($1 = 1.3443 Singapore dollars) (Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi Aich)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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