Report: JPMorgan investigated for China hiring

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Associated Press

Posted on August 19, 2013 at 1:01 AM

Updated Monday, Aug 19 at 1:02 AM

NEW YORK (AP) — 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.

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