Former Brokers Say JPMorgan Favored Selling Bank’s Own Funds Over Others – NYTimes.com

Former Brokers Say JPMorgan Favored Selling Bank’s Own Funds Over Others – NYTimes.com.

JPMorgan Chase-Nader Nazemi

Geoffrey Tomes, who left JPMorgan last year, said he had sold some weakly performing funds merely to enrich the company.

Wall Street is a Cesspool of human waste. They should be regulated to the nth degree and have violators tossed intoSoviet Gulags

Facing a slump after the financial crisis, JPMorgan Chase turned to ordinary investors to make up for the lost profit.

But as the bank became one of the nation’s largest mutual fund managers, some current and former brokers say it emphasized its sales over clients’ needs.

These financial advisers say they were encouraged, at times, to favor JPMorgan’s own products even when competitors had better-performing or cheaper options. With one crucial offering, the bank exaggerated the returns of what it was selling in marketing materials, according to JPMorgan documents reviewed by TheNew York Times.
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