The bank was accused of violating the Foreign Corrupt Practices Act, which prohibits bribing foreign officials. In some cases, those hired were not qualified, but were taken on anyway in order to ensure business would be driven to JPMorgan.
The bank's leadership denounced the practice, said it addressed the individuals involved and made improvements to its hiring practices. JPMorgan will pay more than $130 million related to the charges from the Securities and Exchange Commission. It will also pay $72 million to the Justice Department and close to $62 million to the Federal Reserve Board of Governors.
As a result of the agreement, the bank will not face prosecution.