JPMorgan emails show China family hires made to win deals: NYT
(REUTERS) - Internal JPMorgan Chase & Co emails and computer files being examined by United States (US) authorities show that the bank favored hiring people from prominent Chinese families in order to win investment banking business, the New York Times reported on Saturday.
The documents show that a JPMorgan programme designed to prevent questionable hiring practices was ultimately viewed inside the company as "a gateway to doing business with state-owned companies in China", the Times said, adding that it had reviewed copies of the emails and computer spreadsheets.
In one email, an executive said that hiring sons and daughters of powerful people in China "almost has a linear relationship" with winning assignments, the Times said.
A JPMorgan spokesman declined to comment on the report, as did representatives of the US Securities and Exchange Commission and the office of the federal prosecutor in Brooklyn, New York, which are investigating the matter.