Investigation of banks' Asian hiring practices expands • 12:11 PM
- It started late last year amid a report of JPMorgan's (JPM +1.3%) practice of hiring children of well-connected Chinese, but the WSJ reports the SEC is seeking information from a host of banks - including Credit Suisse (CS -0.3%), Goldman Sachs (GS +0.8%), Morgan Stanley (MS), Citigroup (C +0.5%), and UBS - about their Asian hiring. Fortunately, this sort of thing never happens in the U.S.
- At issue are possible violations of the Foreign Corrupt Practices Act which bars U.S. companies from anything that could resemble a bribe to foreign officials. The probe has rattled bankers in the region, says the Journal, with some choosing to walk away from potential deals which could come under scrutiny at some point.
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