Two Hong Kong-based bankers at UBS have been suspended over the appointment of a well- connected Chinese banker, underlining the sensitivity over a US inquiry into the practice of hiring the offspring of China’s political elite to win business.
US authorities have requested information on hiring practices from a string of banks, including UBS, since launching a probe into whether “princelings” were given jobs at JPMorgan to help it win business.
The hiring of well-connected offspring of politicians and state company bosses has long been common among global banks trying to expand in Asia. This is because their privileged backgrounds and private education make them among the best candidates, the banks say.
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