JPMorgan Finds More Than 500 Workers Got U.S. Virus Relief Funds
- Internal review found dozens shouldn’t have sought EIDL cash
- The figures show the scope of a probe that jolted the industry
A person enters JPMorgan Chase & Co. headquarters in New York, on Sept. 21.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
More than 500 JPMorgan Chase & Co. employees got assistance from taxpayers aimed at helping businesses through the pandemic -- and dozens of them shouldn’t have, according to people with knowledge of the firm’s internal investigation.
The discovery that so many people at the largest and most profitable U.S. bank had tapped the Economic Injury Disaster Loan program raised suspicions inside the company and set off a hasty probe, the full extent of which hasn’t been previously reported. Bloomberg broke the news earlier this month that at least some staff had abused the program.