JPMorgan China Hiring Probe Spreads to Goldman Sachs, Deutsche Bank, Citigroup, Morgan Stanley, and Credit Suisse Group NYT Says
Goldman Sachs Group Inc. (GS) and Deutsche Bank AG (DBK) are among five Wall Street firms in addition to JPMorgan (JPM) Chase & Co. whose hiring practices in China are being probed by U.S. regulators, the New York Times reported.
Citigroup Inc. (C), Morgan Stanley and Zurich-based Credit Suisse Group AG (CSGN) also are facing Securities and Exchange Commission investigations, which are at an early stage, the newspaper said yesterday, citing interviews with people briefed on the matter. JPMorgan recently gave authorities spreadsheets and e-mails detailing the firm’s Sons and Daughters hiring program, according to the Times.
JPMorgan Chase & Co. : JPMorgan in talks with U.S. Attorney over Madoff warnings: WSJ
The U.S. Attorney’s Office in Manhattan is looking into why JPMorgan Chase & Co did not file a suspicious activity report about Bernard Madoff before he was arrested for running a multibillion-dollar Ponzi scheme, the Wall Street Journal reported on Friday, citing people close to the probe.
FEDERAL HOME LOAN BANK OF PITTSBURGH V. J.P. MORGAN SECURITIES LLC, GD09-016892 | REDACTED MOTION TO COMPEL AND REDACTED EXHIBITS
MS. EVANS: May I request the information in ten days, Your Honor? MR. PASKOWITZ: The complaint, again, because we’ll have to explore this issue — THE COURT: I’ll give you twenty days. MR. PASKOWITZ: Thank you. MS. EVANS: Thank you, Your Honor. The next motion, that is kind of a double motion, this is for William King’s documents produced in another piece of litigation, and that is in the FHFA case against JPMorgan. He is a named Defendant. His name is William King. I do want to share with you and tell you something of who he is.
JPMorgan emails show China family hires made to win deals: NYT
(Reuters) – Internal JPMorgan Chase & Co (JPM.N) emails and computer files being examined by U.S. authorities show that the bank favored hiring people from prominent Chinese families in order to win investment banking business, the New York Times reported on Saturday.
The documents show that a JPMorgan program designed to prevent questionable hiring practices was ultimately viewed inside the company as “a gateway to doing business with state-owned companies in China,” the Times said, adding that it had reviewed copies of the emails and computer spreadsheets.
In one email, an executive said that hiring sons and daughters of powerful people in China“almost has a linear relationship” with winning assignments, the Times said.
A JPMorgan spokesman declined to comment on the report, as did representatives of the U.S. Securities and Exchange Commission and the office of the federal prosecutor in Brooklyn, New York, which are investigating the matter.
The Times said there “is no indication that executives at JPMorgan’s headquarters in New York were aware of the hiring practices described in the documents.”