JPMorgan Chase & Co. says it’s identified instances in which Covid-relief funds were misused by customers and is probing employees’ involvement in the potentially illegal activities.

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The New York-based bank said the conduct includes “instances of customers misusing Paycheck Protection Program Loans, unemployment benefits and other government programs” and that some “employees have fallen short, too,” according to a memo to staff from the bank’s senior leaders Tuesday. The firm…

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