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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
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- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
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- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- 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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JPMorgan to Settle Federal Probe of China Hiring
JPMorgan Chase reportedly will pay more than $250 million to settle U.S. government claims that the bank had hired children of Chinese decision makers to win business. The fine would be split among the SEC, the Justice Department and the Federal Reserve. There will not be any individual prosecution at this
Financialish.com wonders if the timing has anything to do with rumors that JPMorgan CEO Jamie Dimon will accept a nomination to serve as Secretary of the Treasury in the Trump administration?
The SEC opened an investigation into JPMorgan in 2013 over the hiring. The Justice Department opened a parallel investigation around the same time.
Investment banks have a long history of employing the children of China's politically connected. While close ties to top government officials are a boon to any banking franchise across the world, they are especially beneficial in China, where relationships and personal connections play a critical role in business decisions.
