Deals
JPMorgan Settles With U.S. Over ‘Quid Pro Quo’ Hires in Asia
- $264 million agreement ends three-year corruption inquiry
- Non-prosecution deal reflects bank’s cooperation with probe
JPMorgan to Pay $264 Million to End Hiring Probe
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A JPMorgan Chase & Co. intern had poor grades at the Wharton School. His supervisor in Asia told colleagues that “he’s not really built” for investment banking. He had “attitude issues,” had trouble “following basic rules” and was a prolific napper. Yet in 2010 he was offered a full-time job, over the reservations of some executives.
Those details emerged on Thursday as JPMorgan agreed to pay about $264 million to settle U.S. allegations that it hired children of Chinese decision-makers to win business in violation of anti-bribery laws. Investigators described a systematic effort to curry favor with government officials and business executives.