ECB fines JPMorgan 12.2 mln euros for misreporting capital requirements
FRANKFURT, Feb 19 (Reuters) - The European Central Bank fined JPMorgan's European arm 12.18 million euros ($14.32 million) for misreporting capital requirements after it wrongly calculated risk-weighted assets, the ECB said in a statement on Thursday.
"Between 2019 and 2024, the bank reported lower risk-weighted assets than it should have done," the ECB said. "This occurred because, for 15 consecutive quarters, the bank misclassified corporate exposures and applied a lower risk-weight for credit risk to them than what banking rules prescribe."
The bank also unduly excluded certain transactions when calculating risk-weighted assets, the ECB added in a decision that may be challenged at the Court of Justice of the European Union.
($1 = 0.8506 euros)
