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JP Morgan to settle allegations of violating sanctions 

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during an interview on the sidelines of the JP Morgan Global China Summit in Beijing, China, on Monday, June 5, 2017.
Giulia Marchi | Bloomberg | Getty Images

J.P. Morgan Chase has agreed to pay $5.3 million to settle allegations it violated Cuban Assets Control Regulations, as well as Iranian and Weapons of Mass Destruction sanctions, 87 times, the U.S. Treasury said on Friday.

Treasury also said it had found the bank violated sanctions on narcotics and Syria, when it processed 85 transactions and maintained accounts for six sanctioned individuals.

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JP Morgan downgrades China stocks, predicts 'full-blown trade war' with US 

Key Points
  • J.P. Morgan lowered its rating for Chinese equities to neutral from overweight, predicting the escalating trade conflict will affect China's economy next year.
  • “A full-blown trade war becomes our new base case scenario for 2019,” emerging market strategist Pedro Martins Junior says.