JPMorgan Execs Said Deposed in SEC Asset-Management Probe

JPMorgan Chase & Co. executives have been deposed and thousands of pages of internal documents subpoenaed as part of a U.S. investigation into the bank’s asset-management unit, according to people familiar with the situation.

The Securities and Exchange Commission’s enforcement division is looking at whether senior asset-management executives at the bank developed a policy of improperly steering clients into investments for JPMorgan’s own financial gain, these people said. The SEC is scrutinizing, among other things, how the largest U.S. bank by assets managed pensions and other accounts that hold it to a so-called fiduciary standard, which obligates it to put clients’ financial interests ahead of its own.