Two U.S. churches’ allegations of self-dealing by JPMorgan Chase & Co. expose an area inside the largest U.S. bank that is rich in potential for conflicting interests—a trust business that invests in the bank’s own products.
JPMorgan, entrusted to manage funds to support the churches’ good works, put its own financial interests first, the churches say. Their claims came after other religious orders pressed the bank for a report on its business standards, prompting it to release almost 100 pages last month describing its efforts to bolster ethics and compliance.
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