It’s been quite the year for mega-bank JPMorgan Chase. The financial firm finally reached a $13 billion settlement with the Department of Justice in November, settling the matter of tainted mortgage securities issued by the bank. Thanks to this run-in with the federal government, JPMorgan has decided to take preventative measures in the future.
These measures involve greatly increasing the company’s compliance budget. Jamie Dimon, CEO of the bank, stated that the company plans to spend $2 billion on compliance in 2014. That figure is double previous projections made by the bank. More importantly, Dimon said that the figure will remain at that level for the foreseeable future.