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JP Morgan Just Coincidentally Hired 222 Friends And Family Members Of Officials At Chinese Companies It Took Public

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These things often just happen organically, okay? And if you're going to bring up that one time JP Morgan (NYSE: JPM) hired the son of China’s commerce minister despite him performing poorly in his interviews, screwing up his work visa, "accidentally" sending a "sexually explicit email" to someone in HR, and being described as "immature, irresponsible and unreliable," just don't.

J.P. Morgan Chase & Co. hired friends and family members of executives at three-quarters of the major Chinese companies it took public in Hong Kong during a decadelong boom in Chinese IPOs, according to a document compiled by the bank as part of a federal bribery investigation. The document was prepared by J.P. Morgan to be submitted to U.S. investigators in April, according to a person familiar with it, and analyzed by The Wall Street Journal. It lists 222 candidates hired by the bank under a program known internally as “Sons and Daughters” and names the people who referred them—making it the most detailed accounting yet of the overlap between the program and the bank’s business in China...Officials are examining whether any of the hires were linked to business subsequently won by the bank, people familiar with the matter have said. J.P. Morgan employees routinely discussed the potential business benefits of making the hires, emails reviewed by the Journal show. However, investigators haven't found documentation of government officials saying they were giving business to the bank in return for hires, a person familiar with the investigation said.

J.P. Morgan Hires Were Referred by China IPO Clients [WSJ]

RelatedWait, Is It Not Typical Of JPMorgan To Hire People People Who Send “Sexually Explicit Emails” To HR And Are Described As “The Worst…Candidate Ever”?


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