JPMorgan Chase & Co. is working with KPMG to improve how the U.S. bank supervises its traders, sources with knowledge of the review told Reuters, as Wall Street wrestles with how to spot potential wrongdoing during a securities trading boom.
A person enters the JPMorgan Chase & Co. New York Head Quarters in Manhattan, New York City, U.S., June 30, 2022. REUTERS/Andrew Kellyis working with KPMG to improve how the U.S. bank supervises its traders, sources with knowledge of the review told Reuters, as Wall Street wrestles with how to spot potential wrongdoing during a securities trading boom.
JPMorgan, when asked by Reuters why it had hired KPMG, said: "We invest heavily in our compliance and surveillance systems and often engage third parties to benchmark our capabilities."A spokeswoman for KPMG in London declined to comment.
When market prices move sharply and trading volumes surge, the automated systems banks use to monitor trading can produce an avalanche of warnings of unusual activity, making it harder for supervisors to detect potential conduct breaches. KPMG has done an analysis of the technology that the financial industry is using to supervise trading and is now advising JPMorgan on how to adapt its systems, a second source said.
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