JPMorgan CFO: We’ve Found Some Cross-Selling Issues, But…
JPMorgan CFO Marianne Lake said Friday that her bank is conducting a “deep dive” into potential cross-selling issues.
“I’ve found no systemic issues,” she said.
Lake, however, explained that “it’s impossible to have zero defects,” acknowledging that there have been some instances of cross-selling issues of their own.
Attentions are turned to the subject since Wells Fargo become the focus of intense criticism and multiple investigations as a result of a phony bank accounts scandal. That bank paid $185 million in penalties for opening roughly 2 million consumer deposit and credit card accounts without customer authorization.
Wells’ John Stumpf retired Wednesday as chairman and CEO at the bank, which still faces a number of ongoing investigations by regulators, as well as private lawsuits.