Traders work on the floor of the New York Stock Exchange as the website hosting service GoDaddy makes its initial public offering (IPO) on April 1, 2015 in New York City. Spencer Platt/Getty Images/AFP
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JPMorgan Chase & Co., which has racked up more than $36 billion in legal bills since the financial crisis, is rolling out a program to identify rogue employees before they go astray, according to Sally Dewar, head of regulatory affairs for Europe, who's overseeing the effort.JPMorgan's surveillance program, which is being tested in the trading business and will spread throughout the global investment-banking and asset-management divisions by 2016, offers a glimpse into Wall Street's future.Job postings show it is building a surveillance unit to monitor electronic and telephone communication in the investment bank.Automated surveillance is necessary for Wall Street firms because billions of emails flow through each bank annually, overwhelming the ability of people to monitor them, according to Estes.Care will be taken to strike the right balance in monitoring employees at JPMorgan, said Dewar, a former U.K. regulator.The other part involves a review of the firm's culture – reaching into every business and appointing more than 300 leaders in the investment bank – to fix areas where lapses could occur, Dewar said.Thousands of investment-bank and asset-management employees will be subject to the new predictive monitoring, said Dewar, who spent about a decade at the U.K.'s Financial Services Authority before joining JPMorgan in London in 2011 .
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