Facing a slump after the financial crisis, JPMorgan Chase turned to ordinary investors to make up for the lost profit.
But as the bank became one of the nation’s largest mutual fund managers, some current and former brokers say it emphasized its sales over clients’ needs.
These financial advisers say they were encouraged, at times, to favor JPMorgan’s own products even when competitors had better-performing or cheaper options. With one crucial offering, the bank exaggerated the returns of what it was selling in marketing materials, according to JPMorgan documents reviewed by The New York Times.
And in case it isn't obvious, we are all 'them'.