JPMorgan Chase is fined by SEC after "mistakenly" deleting 47 million emails

JPMorgan Chase (JPM.N) has been fined $4 million by the U.S. Securities and Exchange Commission after about 47 million emails belonging to its retail banking group were mistakenly and permanently deleted.

The emails dated from Jan. 1 to April 23, 2018, and were deleted in June 2019 from about 8,700 mailboxes, including those belonging to as many as 7,500 employees who regularly worked with customers.

Many of the emails were business records that the largest U.S. bank was required under SEC rules to keep for three years.