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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
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- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
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- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
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- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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Citi's Foreign Hiring Practices Under Investigation
[Photo: Citi, by EPA / NYPost]
Citigroup reported in an annual filing that U.S. authorities, including the SEC, are investigating the bank’s hiring of employees with ties to foreign government officials. The probes involve the FCPA, or the Foreign Corrupt Practices Act, which makes it a crime to pay or give other benefits to a foreign government official.
Banks including JPMorgan Chase and Goldman Sachs have disclosed similar investigations. The probes sparked a debate across Wall Street over whether U.S. business standards should be applied in foreign countries and if doing favors for influential officials is illegal.
In November, JPMorgan agreed to pay about $264 million to settle U.S. allegations that it hired children of Chinese decision-makers to win business in violation of anti-bribery laws.
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