JPMorgan to pay $264 million to resolve hiring allegations - SEC | Reuters

WASHINGTON JPMorgan Chase & Co. has agreed to pay $264 million to resolve allegations that it hired the relatives of Chinese officials in order to win banking deals, the U.S. Securities and Exchange Commission said in a statement on Thursday. Authorities said JPMorgan’s Asia unit created an elaborate program that allowed clients and influential government officials to recommend potential hires. Those recommended hires could bypass JPMorgan’s normal hiring program, receiving preferential treatment, the SEC said.

JPMorgan will pay the SEC $130 million. The bank would also pay the Justice Department $72 million and $61.9 million to the Federal Reserve Board of Governors, the SEC said.

A JPMorgan spokesman did not immediately respond to a request for comment.

(Reporting by Joel Schectman; Editing by Bernadette Baum)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Nov 17, 2016 22:45 PM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See