June 25, 2015 / 1:06 AM / 2 years ago

SEC and JPMorgan in talks to settle probe regarding product steering: WSJ

A view of the exterior of the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar

(Reuters) - JPMorgan Chase & Co (JPM.N) is in talks with the U.S. Securities and Exchange Commission to settle a probe by the agency on whether the bank inappropriately advised its private-banking clients toward its own investment products, the Wall Street Journal reported, citing people familiar with the matter.

A settlement may come as early as this summer and could include a fine, the size of which was not known, WSJ said, citing people familiar with the matter.

JPMorgan Chase & Co disclosed in May that it received subpoenas from the Securities and Exchange Commission over how it sells its mutual funds.

Other government authorities and a self-regulatory organization, apart from the SEC, have also sought information about the bank’s use of proprietary products in its wealth-management business, JPMorgan said in a regulatory filing last month.

Representatives at JPMorgan and the Securities and Exchange Commission were unavailable for comment outside regular business hours.

Reporting by Zara Mascarenhas in Bengaluru; Editing by Diane Craft

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