JPMorgan Chase Settles Chinese Hiring Bribery Case

A three-year investigation into JPMorgan Chase’s hiring practices in China revealed that the bank hired children of Chinese leaders in order to curry favor and win business. The bank is expected to announce a $264 million settlement. JPMorgan had argued that hiring well-connected employees was routine in China, but the New York Times reports that U.S. regulators claimed that in some instances they could link those hires explicitly to securing deals with government-run companies. The settlement amount is smaller than previously expected, because JPMorgan cooperated fully with the investigation. Some of the senior bankers suspected of carrying out the hiring program have left the firm.