The US authorities are believed to be scrutinising the hiring practices of banking giant J P Morgan Chase in India, South Korea and Singapore following a probe into its activities in China regarding hiring children of powerful officials to win lucrative business deals.
A report in the New York Time said that the federal investigation into the hiring practices of JPMorgan Chase appears to be expanding beyond China into other Asian markets.
Federal authorities led by the SEC's antibribery unit had begun an investigation into the bank's hiring of the sons and daughters of China's elite.
It emerged that the bank had hired the daughter of a Chinese railway official and the son of Tang Shuangning, a former Chinese banking regulator who is now the chairman of the state-controlled financial conglomerate China Everbright Group, according to a confidential government document reviewed by NYT.
The bank had even created a formal "Sons and Daughters" programme in 2006 after friends and family of China's elite jostled for positions at JPMorgan, the NYT report said. Full story
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