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JPMorgan JPM, -3.43% Chase & Co. has found evidence of employees and customers misusing the government’s flood of stimulus funds this spring and is cooperating with authorities, the bank’s leaders told employees Tuesday.
In a memo to employees, the bank didn’t detail specific instances but said it had found customer wrongdoing involving the small-business rescue plan known as the Paycheck Protection Program, unemployment benefits and other government programs aimed at easing the coronavirus pandemic’s economic effects. “Some employees have fallen short, too,” the memo said, without elaborating.
