Don't delete email?

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JPMorgan Chase’s brokerage arm will pay $4 million in a settlement with the U.S. Securities and Exchange Commission after the accidental deletion of 47 million electronic messages it was supposed to retain.

While trying to clear a backlog of communications dating back to the 1970s, JPMorgan inadvertently wiped the messages, the SEC said in an order published Thursday.

The deletion, which took place in 2019, violated rules requiring brokers to retain communications for three years, the regulator said.  

JPMorgan “takes its record keeping obligations seriously,” a spokeswoman said. “We have taken steps to enhance our process and procedures.”

The bank, which itself reported the incident in 2020, didn’t admit or deny the allegations, according to the order.

The missing messages hampered regulatory investigations, according to the SEC. In 12 investigations, including eight directly involving the SEC, JPMorgan was unable to produce communications that were sought because they were no longer there, the regulator said.

“Because the deleted records are unrecoverable, it is unknown—and unknowable—how the lost records may have affected the regulatory investigations,” the SEC said.

The bank has faced questions from regulators in the past about its policies concerning retention of written communications. In December 2021, the brokerage arm of JPMorgan agreed to pay $200 million in fines in settlements with the SEC and the Commodity Futures Trading Commission, and admit it failed to keep track of employees’ use of personal messaging apps such as WhatsApp that circumvented record-keeping requirements.

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