|JPMorgan’s efforts to hire the children of China’s ruling elite seem to keep coming back to bite it. NYT Dealbook
(JPMorgan hired friends and mamily of leaders at three-quarters of major Chinese firms it took public in HK under the Sons and Daughters program, which ran from 2004 to 2013, JPMorgan took referrals from a broad spectrum of China’s business and political elite, according to a document compiled by the bank as part of a federal bribery investigation)
NYT Dealbook continues
|The bank is preparing to settle with federal prosecutors and the Securities and Exchange Commission after being the subject of a federal bribery investigation.|
|But it is now also facing scrutiny from the Federal Reserve and the Office of the Comptroller of the Currency, two agencies that were not previously known to be involved.|
|The Fed is seeking a $62 million fine, while the Office of the Comptroller of the Currency will seek to mete out its own punishment, according to people briefed on the investigations. The two regulators are focusing on a breakdown in controls and practices that allowed the improper hiring to take place, rather than the bribery aspect.|
|JPMorgan is expected to pay federal prosecutors and the S.E.C. about $200 million.
Posts Tagged ‘Corporate strategy’
More than 300,000 titles are on offer at ilovebooks.com, a MediaCorp digital initiative.
The online store offers books in 50 categories for download.
It’s the first Singapore bookstore to sell e-books internationally.