Huffpost Business

JPMorgan Isn't The Only Bank Being Investigated For Its Hiring Practices: WSJ

Posted: Updated:
Signage for JPMorgan Chase & Co. is displayed atop Chater House in the central business district of Hong Kong, China, on Thursday, Aug. 29, 2013. A probe of JPMorgan hiring practices in China has uncovered red flags across Asia, including an internal spreadsheet that linked appointments to specific deals pursued by the bank, people with knowledge of the matter said. Photographer: Jerome Favre/Bloomberg via Getty Images | AP

Aug 29 (Reuters) - U.S. authorities are seeking information from several banks and hedge funds on their hiring practices, focusing on the hiring of relatives of well-connected foreign officials with the intent of winning business, the Wall Street Journal reported, citing people with knowledge of the situation.

The enquiry goes beyond a probe disclosed by JPMorgan Chase earlier this month. The bank has not been accused of wrongdoing. ()

The Journal did not identify which banks and hedge funds have been contacted by U.S. authorities.

U.S. anti-bribery laws prohibit hiring any individual in exchange for a specific favor or benefit from an outside business partner or client.

A spokeswoman for the U.S Attorney in the Eastern District of New York did not immediately respond to a Reuters request for comment outside of regular U.S. business hours.

Since the probe by U.S. authorities, JPMorgan has embarked on an internal investigation that is examining the employment of around 200 people for instances of possible illegal nepotism, a source told Reuters, indicating the bank's hiring issues may extend beyond the two cases U.S. officials originally asked about.

JPMorgan disclosed the inquiry in its quarterly regulatory filing this month.

Also on The Huffington Post

JPMorgan Chase Lawsuits And Regulatory Probes
Share this
Current Slide

Suggest a correction

Around the Web

Wells Fargo Careers

Bank Teller Jobs, Employment |

Banks Are Hiring A Bunch Of IT Experts - Business Insider

US Overseas Hiring Probe Has Wide Net

US authorities widen hiring probe beyond JPMorgan: WSJ

Many Wall St. Banks Woo Children of Chinese Leaders

Jefferies to Hire Up to Four Bankers for Its Russia Expansion

Hiring in China by JPMorgan Under Scrutiny

Korean banks to cut hiring of entrants this year

GOLD: Banks Island hires underground miners for Yellow Giant