An expanding investigation into JPMorgan Chase’s hiring practices in Asia has uncovered internal documents that link dozens of new employees with specific deals that the bank was trying to win, according to people familiar with the situation.
JPMorgan’s lawyers are turning over information to the US Securities and Exchange Commission and Department of Justice as part of a probe into whether the bank hired the family members of influential figures in the Chinese government – and elsewhere in Asia – in an effort to win business.
Such a practice could violate the US Foreign Corrupt Practices Act. The crucial point at issue is whether candidates were hired because they were qualified for the roles or with a view to landing specific contracts by currying favour with their relatives.