JPMorgan China hiring practices an open secret - NY Times

Top Secret

Speadsheets and emails.

The New York Times reports that U.S. federal authorities have obtained confidential documents that shed new light on JPMorgan Chase’s decision to hire the children of China’s ruling elite, securing emails that show how the bank linked one prominent hire to 'existing and potential business opportunities' from a Chinese government-run company.

The documents, which also include spreadsheets that list the bank’s 'track record' for converting hires into business deals, offer the most detailed account yet of JPMorgan’s 'Sons and Daughters' hiring program, which has been at the center of a federal bribery investigation for months.

The spreadsheets and emails - recently submitted by JPMorgan to authorities - illuminate how the bank created the program to prevent questionable hiring practices but ultimately viewed it as a gateway to doing business with state-owned companies in China, which commonly issue stock with the help of Wall Street firms.

The hiring practices seemed to have been an open secret at the bank’s headquarters in Hong Kong, according to the documents, copies of which were reviewed by The New York Times.

Hit the link below to access the complete New York Times article:

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