Bank of Colorado, CIBC Bank to close locations after investigation of $2M bribery
Chase and CIBC are closing more than 300 locations across the country after an investigation by the FBI, according to the Wall Street Journal.
The announcement came hours after The Associated Press reported that an investigation of bank officials led by the Justice Department found the bank accepted bribes and kickbacks to help secure loans.
The Justice Department declined to comment on the investigation or on the closures.
The closure announcements come amid an intensifying political battle over how to respond to the investigations of other banks.
The investigation into JPMorgan Chase & Co. began after the AP reported last week that the bank paid $2 million to a Russian lawyer in exchange for a deal in which the bank agreed to settle a criminal probe into the manipulation of foreign exchange rates.
A lawyer for the Russian firm said in a statement that the agreement involved a “political payoff.”
Chase’s CEO, Jamie Dimon, has said that the company would cooperate with any inquiry and has said he will step down if a full investigation is concluded.
But the company’s board has already voted to approve the bank’s largest loan extension since 2008.
Chase and other banks are closing at least two of their branches in the San Diego metro area.