Hundreds of billions of dollars in fines have been paid by the four largest banks in the US, as JPMorgan’s CEO speaks out against digital assets, saying they are for criminals.
According to misconduct data aggregator Violation Tracker, the big four US banks – Bank of America, Wells Fargo, Citigroup and JPMorgan – have paid a whopping $181 billion in fines since the year 2000.
The data shows that Bank of America has paid a total of 324 fines worth $87.2 billion since the turn of the millennium, while Wells Fargo has been fined 261 times for a total of $27.5 billion.
Violation Tracker also reveals that Citigroup has been found in violation 181 times and paid $26.9 billion in fines, while JPMorgan has been assessed a total of 272 fines worth $39.3 billion.
The news comes as JPMorgan CEO Jamie Dimon tells Congress at a recent meeting that crypto assets are tools for bad actors that he would shut down if he could.
As stated by Dimon, per CNBC,
“I have always been deeply opposed to crypto. Bitcoin, etc. You’ve pointed out that the only real use case for this is criminals – drug traffickers, money laundering, tax evasion, and that’s a use case because it’s somewhat anonymous, not completely, and because you can get money immediately to transfer.
And because it doesn’t work with all these systems [that] that they have built up over the years – know your customer (KYC), sanctions, OFAC (Office of Foreign Asset Control) – they can bypass all that. If I were the government, I would close it down.”
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