JPMorgan Chase & Co. may settle regulators probes into the banks credit-card debt collection practices and sales of identity-theft products as early as next week, said two people with knowledge of the matter.
Chief Executive Officer Jamie Dimon met in Washington yesterday with U.S. Comptroller of the Currency Thomas Curry to update the agency on the banks activities and its compliance with various regulatory orders, according to two people who asked not to be named because the talks were private.
The bank is facing a crescendo of activity in past weeks, and we are reacting to that where it makes sense, Chief Financial Officer Marianne Lake told investors Sept. 9 in announcing that the firm would boost legal reserves by more than $1.5 billion in the quarter to resolve litigation and other potential claims.
Dimon, who also visited lawmakers on Capitol Hill, meets almost monthly with Curry and other regulators, said one of the people. Some of the banks board members were also in Washington and put in calls to regulators this week as JPMorgan tries to repair its relations with its supervisors, two people said.
JPMorgan has added 3,000 employees to bolster internal controls and compliance, Lake said. The company has said it stopped selling identity-theft products in 2011 and refunded all affected customers.
Dimon, 57, also joined Goldman Sachs Group Inc. CEO Lloyd C. Blankfein, 58, at a client event hosted by Carlyle Group LP yesterday, according to three people with knowledge of the matter. More than 1,000 guests attended, the person said.
Spokesmen for the OCC, Carlyle, JPMorgan declined to comment. Andrew Williams, a spokesman for New York-based Goldman Sachs, confirmed that Blankfein was at the event.