JPMorgan said to be settling bribery case over hiring in China
Bank even created spreadsheets in its "Sons and Daughters" programme that tracked its hires to specific clients - and its ability to convert those hires into business deals
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New York
AFTER more than three years of digging into JPMorgan Chase's hiring practices in China, US federal authorities have determined that the bank hired the children of Chinese leaders as part of a quid pro quo to win business in the booming nation, clearing the way for a costly punishment.
The authorities were expected to announce as soon as Thursday a roughly US$264 million settlement with the bank and its Hong Kong subsidiary, according to people briefed on the matter who spoke on the condition of anonymity. The authorities, which include criminal prosecutors and civil regulators, will accuse the bank of orchestrating a long-running foreign bribery scheme.
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