The US government agency that secured a big slice of the record $13bn penalty against JPMorgan Chase is demanding even more from Bank of America, as it ratchets up pressure on other large banks.
Regulators at the Federal Housing Finance Agency are seeking a penalty of more than $6bn from BofA, compared with the $4bn to be paid by JPMorgan, according to people familiar with the matter.
JPMorgan agreed to pay a total of $13bn to a variety of state and federal agencies in a phone call on Friday night between Jamie Dimon, chief executive, and Eric Holder, attorney-general. The penalty, if confirmed, would be the biggest imposed on a single company by US authorities. The $4bn portion that JPMorgan has agreed to pay the FHFA may end up being the largest single amount, although the remaining $9bn – $5bn in cash and $4bn forgiveness of consumer debt – is still being divided up between the Department of Justice and New York’s attorney-general.