Law \ Legal

JPMorgan Might Wish Its Metals Desk Didn’t Allegedly Spoof Just To Keep Its Secrets Out Of Open Court

JPMorgan Chase is not on trial for spoofing the precious metals market. It paid about $1 billion to make sure of that. Still, it might just feel to Jamie Dimon & co. that they are, in fact, the ones in the dock in the case against three of their former colleagues, as much of the time and attention paid during their trial has been on revealing some of JPMC’s deepest, darkest secrets.

The court was shown internal figures detailing the bank’s annual profits from precious metals, the first time such detailed information has ever been made public…. In summary: the business is a consistent moneymaker for JPMorgan, notching up annual profits between $109 million and $234 million a year between 2008 and 2018…. JPMorgan’s top precious metals employees on the desk were remunerated handsomely, and some jurors audibly gasped when the court was told how much the defendants had earned.

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