A bribery investigation report reveals that over the past decade, JP Morgan Chase & Co hired friends and family members of executives at 75% of the major Chinese companies it took public in Hong Kong. The report, released by U.S. authorities on Tuesday, also shows how JPMorgan, which is based in New York, paid bribes to government officials for access to key business deals. As “The Worst…Candidate Ever”? Investigators are now examining whether any of the hires were linked to business subsequently won by the bank, though as yet, they have not found any documentation of government officials showing they were giving business to the bank in return for hires.
A bribery investigation report reveals that over the past decade, JP Morgan Chase & Co hired friends and family members of executives at 75% of the major Chinese companies it took public in Hong Kong. The report, released by U.S. authorities on Tuesday, also shows how JPMorgan, which is based in New York, paid bribes to government officials for access to key business deals. Investigators are now examining whether any of the hires were linked to business subsequently won by the bank, though as yet, they have not found any documentation of government officials showing they were giving business to the bank in return for hires.