JPMorgan Chase Investigated For Hires In China

JPMorgan Chase Investigated For Hires In China (Image 1)
JPMorgan Chase Investigated For Hires In China (Image 1)

The U.S. government is looking into whether JPMorgan Chase hired the children of Chinese officials to help it boost its business in China, according to The New York Times. 

The Times is citing a U.S. government document for details of the investigation. It says the bank hired the son of a former Chinese banking regulator and the daughter of a Chinese railway official. The Times reports that the official was later detained on accusations of taking cash bribes in exchange for handing out government contracts.

A JPMorgan securities filing earlier this month said the SEC’s enforcement division is seeking information about the bank’s employment of some people in Hong Kong and its business relationships with some clients.

JPMorgan says it is fully cooperating with regulators.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s