“U.S. regulators have expanded their investigation into large banks’ hiring practices in Asia, seeking more information from at least five U.S. and European firms, according to people close to the probe.
“The Securities and Exchange Commission in early March sent letters to a group of companies including Credit Suisse Group AG, Goldman Sachs Group Inc., Morgan Stanley, Citigroup Inc. and UBS AG seeking more information about their hiring in Asia, according to the people. It is examining whether the banks or their employees violated antibribery laws by hiring relatives of well-connected officials.
“The move marks a ratcheting up of an investigation that started last year with a query into J.P. Morgan Chase & Co.’s hiring practices abroad. The largest U.S. commercial bank by assets remains the focus of criminal and civil probes by the SEC and federal prosecutors, these people say.
“None of the banks involved has been accused of wrongdoing.”
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