Published May 03, 2013
NEW YORK – JPMorgan Chase & Co CEO Jamie Dimon is scheduled to meet next week with bank examiners from the Office of the Comptroller of the Currency in a meeting the bank requested, the Wall Street Journal reported on Friday.
According to the Journal, the meeting provides a rare opportunity for more junior examiners to talk to Dimon and will be held in the style of a town hall meeting.
A spokesman for JPMorgan declined to comment.
The meeting comes as JPMorgan faces a host of regulatory woes including potential market manipulation charges and continuing scrutiny by federal investigators over the events leading up to its $6.2 billion trading loss last year.
Dimon, meanwhile, is dealing with calls from shareholders to relinquish his role as chairman of the bank's board.
Analysts were speculating on Friday the regulator of U.S. power markets was likely to pursue manipulation charges against JPMorgan after the New York Times described a 70-page report by the regulator, the Federal Energy Regulatory Commission, detailing how the bank transformed "money-losing power plants into powerful profit centers.
The OCC is also expected to issue a cease-and-desist order against the bank for failing to conduct adequate due diligence on Bernard Madoff. According a source familiar with the matter, the order will require JPMorgan to improve its anti-money laundering controls.
(Reporting by Emily Flitter; Editing by Lisa Shumaker)