{"id":5744,"date":"2015-02-07T00:00:00","date_gmt":"2015-02-07T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/02\/jp_morgan_under_scrutiny_over_1"},"modified":"2022-03-11T13:40:40","modified_gmt":"2022-03-11T19:40:40","slug":"jp-morgan-under-scrutiny-over-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jp-morgan-under-scrutiny-over-1\/","title":{"rendered":"J.P. Morgan Under Scrutiny Over China Hirings"},"content":{"rendered":"\n

According to The Wall Street Journal<\/em>, U.S. prosecutors and regulators are probing the Asian hiring practices of J.P. Morgan (JPM)<\/a> and a number of other banks. The probe focuses on the Foreign Corrupt Practices Act, which is a U.S. law that prohibits giving anything of value to foreign government officials in order to gain a business edge. <\/p>\n

Hiring employees in order to garner something in return is one area of scrutiny. The WSJ cited the hiring of the son of Chinese commerce minister Gao Hucheng even though he didn\u2019t do well on job interviews, accidentally sent a sexually explicit email to a human resources employee, and exhibited other traits that purportedly made him a liability. Yet, during job cuts, the bank didn\u2019t let him go and would have given him another position. Hucheng reportedly said that he would \u201cgo extra miles\u201d for J.P. Morgan if his son wasn\u2019t laid off. <\/p>\n

Although China\u2019s commerce ministry isn\u2019t a client of the firm it has influence over business and is entitled to rule on mergers among multinationals that engage in business in that country. However, both father and son have not been accused of wrongdoing. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to The Wall Street Journal, U.S. prosecutors and regulators are probing the Asian hiring practices of J.P. Morgan (JPM) and a number of other banks. The probe focuses on the Foreign Corrupt Practices Act, which is a U.S. law that prohibits giving anything of value to foreign government officials in order to gain a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3958],"tags":[],"class_list":["post-5744","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase"],"yoast_head":"\nJ.P. Morgan Under Scrutiny Over China Hirings — Investor Lawyers Blog — February 7, 2015<\/title>\n<meta name=\"description\" content=\"According to The Wall Street Journal, U.S. prosecutors and regulators are probing the Asian hiring practices of J.P. 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