The New York Times reported on Sunday that regulators are investigating JPMorgan Chase to see if the company purposefully hired children of Chinese officials to increase their business in China. The details of the investigation were revealed in a confidential United States government document the Times accessed. The document says the anti-bribery unit of the Securities and Exchange Commission asked the company to see records of some of their employees in China.
Some of the employees included in the investigation included the son of a former Chinese banking official who later became the chairman of the China Everbright Group. Once the son was hired, JPMorgan was given numerous assignments from the China Everbright Group.
