Good morning. Federal regulators fined JPMorgan Chase roughly $350 million on Thursday for failing to properly monitor billions of trades the bank has executed since 2019.

• Bottom line: JPMorgan agreed to pay a combined $348.2 million penalty to its regulators at the Federal Reserve and the Office of the Comptroller of the Currency, without admitting or denying the allegations.
   
• Poor surveillance: The Fed said JPMorgan didn’t adequately surveil trading and order activity through the firm’s corporate and investment bank across 30 exchanges and other trading venues. The trades were for the firm and for clients.
   
• More to come: “Certain remedial actions are complete and others are under way, and we have not found any employee misconduct or harm to clients or the market in our review,” a spokesman for JPMorgan said. JPMorgan also said that it is in discussions to resolve claims with a third regulator over its collection of client data related to trading.

Swiss private bank EFG to settle U.S. sanctions violations.

EFG International agreed to pay about $3.7 million to settle allegations the Swiss private bank violated U.S. sanctions by holding and investing securities on behalf of blacklisted individuals, the U.S. Treasury Department said.

Between 2014 and 2018, Zurich-based EFG allegedly processed 868 securities transactions for customers in Cuba and for a Chinese national blacklisted for foreign narcotics trafficking, Treasury’s Office of Foreign Assets Control said Thursday. EFG, which has around 40 global subsidiaries, also processed five dividend payments in 2023 for another person blocked under sanctions imposed over Russia’s anti-democratic activities abroad.

• President Biden’s decision to oppose Nippon Steel’s attempt to buy United States Steel on Thursday was the culmination of months of agitation against the deal.
   
• Former Treasury Secretary Steven Mnuchin said he’s putting together a consortium to try to buy TikTok, as a bid to divorce the popular social-media platform from its Chinese owners gathers momentum in Congress.

U.S. retail sales rose less than expected in February.

U.S. retail sales rose a seasonally adjusted 0.6% in February compared with a month earlier, the Commerce Department said Thursday. Economists polled by The Wall Street Journal had expected a 0.8% increase.

The monthly report on how consumers are spending or pulling back is viewed as a harbinger for the state of the U.S. economy. Many economists believe that Americans are close to spending down their pandemic-buffered savings and are feeling stretched by inflation, which has impacted the prices of everyday essentials from groceries to rent.

Arms maker Rheinmetall forecasts record profit growth amid rising geopolitical tensions.

Rheinmetall expects sales and profit margins will continue to grow this year as the Ukraine and Israel-Hamas wars show little sign of abating and governments ramp up spending on military hardware.

“A new decade of security policy has begun,” Chief Executive Armin Papperger said. “We are investing massively, building new plants and significantly increasing our personnel.”

• Control of the House, the Senate and the presidency are all up for grabs in the 2024 elections, a rare instance of Republicans and Democrats battling for all three levers of elected power in Washington. Here are the latest forecasts for each.
   
• Generative AI’s ability to create new and original content—from text and video to images, artwork and more—holds great promise for enhancing human productivity. But with these abilities come increased hacking risks.
   
• Elon Musk’s ambition to cement Tesla’s position as the EV leader in Europe has become entangled in German culture wars, making his shining factory in the country a lightning rod for a range of critics.
   
• Senate Majority Leader Chuck Schumer said Israeli Prime Minister Benjamin Netanyahu “has lost his way” and called for new elections aimed at choosing a new government, a sign of growing U.S. pressure on Israel over the war in Gaza.  Israel has vowed to boost aid.

• A bipartisan duo of China hawks drew attention when they introduced legislation taking aim at TikTok, but the social-media site isn’t their only target.
   
• 78%: The percentage of increase in bankruptcies filed by small businesses in February.
   
• Layoffs and exits outstripped new hires in 2023 at startups for the first time in years, according to one count.

🎧 Listen to WSJ Pro’s James Rundle unpack how medical providers have been reeling since Change Healthcare, a company used for insurance billing and payments, got hacked.

Bhatia, who starts at ATI on March 20, will lead all aspects of the company’s legal function. She succeeds Elliot Davis, who intends to retire from the company on Oct. 1.

Bhatia joins ATI from petroleum refiner HF Sinclair, where she served as executive vice president since 2023 and as general counsel and corporate secretary since 2019.

• When David Solomon became CEO of Goldman Sachs just over five years ago, he made promoting women to senior levels of the firm a priority. On Monday, he’ll host several women partners for dinner at his Manhattan apartment where he’ll face questions on why that hasn’t worked out.
   
• Michael Mann, the climatologist behind the infamous ‘hockey-stick graph,’ prevailed in a defamation case.
   
• Despite global moves toward reducing greenhouse-gas emissions, the transition to renewable energy from fossil fuels is likely to take longer in Asia than initially expected, according to an analysis released at a Tokyo conference on Thursday.
   
• Contract manufacturer Foxconn Technology Group reported a 33% rise in fourth-quarter net profit and forecast significant growth this year, boosted by investments in artificial intelligence.
   
• A cockpit seat mishap might have pushed a pilot into the controls on a Boeing 787 Dreamliner that took a sudden, terrifying plunge on a flight to New Zealand this week, according to U.S. industry officials briefed on preliminary evidence from an investigation of the incident. 

Follow us on X at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

You can reach us by replying to any newsletter, or email David at david.smagalla@wsj.com.