The Feds are probing JP Morgan for allegedly steering clients to investments that would make the bank serious cash

JP Morgan's asset management division is under investigation by the Securities and Exchange Commission and the Treasury Department, according to a Bloomberg report.

From the looks of it, federal investigators have spent years probing the division, looking for breaches of fiduciary duty by staff and inconsistent compensation disclosure, according to the report.

JP Morgan declined comment when contacted by Business Insider.

The Treasury Department's Office of the Comptroller of the Currency and the SEC's enforcement division are investigating whether the bank's employees deliberately steered clients into investments that would prove lucrative for JP Morgan, according to the Bloomberg report.

According to the report:

"The SEC is looking into whether the bank and its brokerage affiliate, J.P. Morgan Securities, adopted a strategy that uses bonuses and other incentives to encourage their financial advisers to steer clients improperly into in-house funds, structured notes and other investments that generate fees for the bank, the people familiar with the matter said."

Business Insider also reached out to the Securities and Exchange Commission, which did not immediately respond, and to the Treasury Department's OCC, which declined to comment on the story.