J.P. Morgan Chase & Co. is planning to spend $4 billion and commit 5,000 extra employees this year to deal with risk and legal-compliance issues at the bank, The Wall Street Journal reported late Thursday, citing unnamed sources close to the bank
The plan involves adding $2.5 billion to J.P. Morgan's reserves for paying litigation costs, with the other $1.5 billion going to the risk and compliance efforts, including a 30% increase in related staffing, the report said
The bank is currently operating under four regulatory enforcement actions and faces at least seven separate investigations by the Justice Department, the report said.
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