Barclays is the latest bank to be investigated by US authorities over its hiring practices in Asia, as part of a wider probe into bank's recruitment of friends, family members of parliament officials and top executives in the region. In its latest annual report, the British bank said it is cooperating with the Securities and Exchange Commission and the Justice Department in “an investigation into certain of its hiring practices in Asia.” ... The investigation was launched after an internal review found that some employees had been hired without proper background checks or interviews with other banks before being placed on Barclays' payroll. As we noted last month, HSBC is also being investigated over hiring people linked to Asian governments, an issue that has also plagued US lenders such as JP Morgan Chase.
Barclays is the latest bank to be investigated by US authorities over its hiring practices in Asia, as part of a wider probe into bank's recruitment of friends, family members of parliament officials and top executives in the region. The investigation was launched after an internal review found that some employees had been hired without proper background checks or interviews with other banks before being placed on Barclays' payroll. As we noted last month, HSBC is also being investigated over hiring people linked to Asian governments, an issue that has also plagued US lenders such as JP Morgan Chase.