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November 12, 2013

U.S. Broadens Investigation of JPMorgan’s Hiring in Asia

A federal investigation into the hiring practices of JPMorgan Chase has expanded beyond the borders of China, where the bank faces questions about whether it hired the children of powerful Chinese officials to win lucrative business there.

The bank disclosed in a securities filing on Friday that authorities were now looking into “its business relationships with certain related clients in the Asia Pacific region and its engagement of consultants in the Asia Pacific region.” JPMorgan did not specify where the inquiries were directed.

But according to people briefed on the matter, government authorities are examining JPMorgan’s hiring practices throughout Asia, focusing on South Korea, Singapore and India. That scrutiny comes after JPMorgan itself flagged those countries for further review, the people said.

The investigations from the Securities and Exchange Commission and the Justice Department, the people noted, are still in fledgling stages. Hong Kong and British authorities are also investigating the bank’s hiring practices, said the people, who spoke on the condition of anonymity.”

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Read full New York Times article here

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