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DOL grants 5 big banks multi-year waivers to continue managing retirement plans

The U.S. Labor Department granted JPMorgan Chase & Co., Citigroup Inc., Barclays Plc, UBS Group AG, and Deutsche Bank AG multiyear waivers permitting their asset management units to continue managing pension plans and individual retirement accounts, The Wall Street Journal reported Dec. 28.

The global banks have collectively paid billions of dollars to settle market manipulation cases in recent years and their criminal convictions would have disqualified their asset management units from managing retirement plans under U.S. law, according to the report.

JPMorgan, Citi and Barclays were granted five-year waivers. Deutsche Bank and UBS, both of which had more than one criminal conviction, were granted three-year waivers, the report added.