US probe into JPMorgan hiring practices widens: Bloomberg
HONG KONG (REUTERS) - US government investigations into the hiring practices of JPMorgan in China have uncovered evidence including a spreadsheet that links hires to specific deals, Bloomberg News reported, citing people with knowledge of the matter.
The Justice Department has joined the Securities and Exchange Commission in looking into whether JPMorgan hired people in China because their family members would in turn offer business to the bank, the report said, citing one of the people.
The probe, which had initially centred on the bank's Hong Kong office, has also widened to include countries across Asia and more than 200 interns and full-time staff, according to the Bloomberg report.
The investigation could see the US bank charged under the Foreign Corrupt Practises act, which prevents companies from paying cash or providing anything of value to government employees in order to win business.