JPMorgan, BofA Leaders Subpoenaed by US Lawmakers Over CATL IPO

U.S. lawmakers have subpoenaed the leaders of JPMorgan Chase & Co. and Bank of America Corp. regarding their involvement in the initial public offering (IPO) of Chinese battery maker Contemporary Amperex Technology Co. Ltd. (CATL). The subpoenas were issued as part of an investigation into the role of these two major U.S. banks in CATL's IPO. CATL is the world's largest manufacturer of electric vehicle batteries and a key supplier to companies like Tesla and Volkswagen. The investigation is likely focused on the banks' due diligence and disclosure practices in relation to the CATL IPO. Lawmakers are seeking to understand the decision-making process and potential conflicts of interest that may have influenced the banks' involvement in the offering. The subpoenas represent an escalation of congressional scrutiny over the financial industry's ties to Chinese companies, particularly in sensitive sectors like technology and energy storage. The outcome of this investigation could have broader implications for the regulatory oversight of U.S. banks' international activities.