The Wall Street Journal: 5 big banks win Labor Department waivers to manage retirement plans

WASHINGTON — Five global banks, including JPMorgan Chase & Co. and Citigroup Inc., can continue managing corporate retirement plans in the wake of recent guilty pleas to criminal charges, under new waivers announced by the Trump administration on Thursday.

The waivers, set by the Labor Department, are the latest fallout of the banks’ criminal convictions in market-manipulation schemes, which the firms collectively paid billions of dollars to settle in recent years. Without the waivers, the banks’ asset-management units would have been disqualified from managing retirement plans under U.S. law, even though the misconduct in question occurred in other areas of each of the banks.

The relief allows each of the firms to continue managing pensions plans and individual-retirement accounts, a significant source of business for each of the firms. In addition to JPMorgan JPM, +0.53%   and Citigroup C, +0.25%  , the waivers also apply to units of Barclays PLC BARC, +0.37%  , UBS Group AG UBS, +1.21%   and Deutsche Bank AG DB, +0.21%  .

The Obama administration, in its waning days, approved one-year waivers for each of the banks and proposed granting the firms five-year reprieves from the restrictions.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

House committee unites to clamp down in Indian firms’ use of H-1B visas.

How Ivanka Trump is a walking billboard for her namesake fashion business.

Filed in: Top News Tags: 

You might like:

Emerging Markets Report: Turkey’s lira is tumbling amid renewed fears of an emerging-market selloff Emerging Markets Report: Turkey’s lira is tumbling amid renewed fears of an emerging-market selloff
Capitol Report: Fracking revolution that’s made the U.S. the top global oil producer is boosting the economy — and keeping emissions down Capitol Report: Fracking revolution that’s made the U.S. the top global oil producer is boosting the economy — and keeping emissions down
The Moneyist: My dying friend wants to marry me so I can have his Social Security — should I do it? The Moneyist: My dying friend wants to marry me so I can have his Social Security — should I do it?
Economic Report: U.S. runs largest monthly budget deficit on record in February Economic Report: U.S. runs largest monthly budget deficit on record in February
Market Extra: The yield curve inverted — here are 5 things investors need to know Market Extra: The yield curve inverted — here are 5 things investors need to know
Metals Stocks: Gold scores highest finish in 3 weeks as economic data feed global growth worries Metals Stocks: Gold scores highest finish in 3 weeks as economic data feed global growth worries
Key Words: ‘Game of Thrones’ star Emilia Clarke ‘nearly lost my mind and then my life’ Key Words: ‘Game of Thrones’ star Emilia Clarke ‘nearly lost my mind and then my life’
The Fed: Stephen Moore, Trump’s pick for Fed, will be lightning rod for president’s opponents The Fed: Stephen Moore, Trump’s pick for Fed, will be lightning rod for president’s opponents

Leave a Reply

Submit Comment
© 2019 Stock Investors News. All rights reserved. XHTML / CSS Valid.