JP Morgan Chase & Co. conducted an internal investigation regarding hiring practices in Asia. The bank had examined its employment of around 200 people of possible illegal nepotism, a source said. The hiring issues of the bank might extend beyond two cases that US officials had originally inquired about.
The US Securities and Exchange Commission had requested information regarding two deals that the bank won. The said successful deals might have resulted from hiring relatives of key officials. A source said that it included hiring the daughter of a Chinese state railway official.
US anti-bribery legislations reprimand hiring any individual in exchange of favors from an outside client.
Earlier this month, JP Morgan disclosed its internal probe during its quarterly regulatory filing. According to a Bloomberg report late Wednesday, the US Department of Justice had also involved itself in the probe.
JP Morgan's internal investigation is still in preliminary stages. It has not reached any conclusions on whether the 200 hired employees were improperly hired.
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