Federal probe ordered into bribery allegations over JPMorgan Chase, another legal headache for the company


Federal probe ordered into bribery allegations over JPMorgan Chase, another legal headache for the company -global-annal-bhavesh-kumar

 

A federal bribery investigation has been ordered to look into the allegations leveled against JPMorgan Chase & Co. that it has hired the children of top Chinese officials to win business. The case comes as another addition to the series of legal and regulatory headaches faced by the Chief Executive Jamie Dimon.

Although Dimon is credited with steering the bank through financial crisis, but it is now under the scanner with a dozen investigations from federal agencies and foreign governments, including the infamous “London Whale” trading scandal with the total cost of about $6.2 billion.

In the recent probe, the Securities and Exchange Commission (SEC) is investigating the truth behind the corrupt practice of hiring the children of heads of state-owned companies at Hong Kong in China with the aim of winning underwriting business and other contracts.

Source: ET

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