2 former JPMorgan execs face lifetime ban for hiring kids of China’s elite

Authorities want to permanently ban two former JPMorgan Chase executives from the banking industry for allegedly trying to win business in China by giving plum jobs to the unqualified children of government officials.

It’s the latest shoe to drop in JPMorgan’s “Sons and Daughters” hiring scheme in China that regulators have condemned as a “systemic bribery scheme.”

The Federal Reserve on Friday said it’s seeking a fine of $1 million and a lifetime ban on Fang Fang, the former head of JPMorgan’s China investment bank, for violating anti-bribery laws.

Read on.

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