$JPM,...JPMorgan reportedly aware of overseas hiring concerns prior to probes
Emails from 2011 show legal and compliance executives in New York were alerted JPMorgan's (JPM -0.5%) hiring of the offspring of senior Chinese officials helped to win it investment banking business. reports the WSJ. This was more than a year before U.S. authorities began their investigation.
The emails show JPMorgan officials dismissed the accusations, but nevertheless proposed changes to the bank's hiring practices in the region.
JPMorgan hasn't yet been officially charged with any wrongdoing, but the SEC is investigating "what executives knew and when they knew it." The breadth of any enforcement action is likely to closely follow how high up the JPMorgan organization chart the SEC can show awareness of misconduct, says a law professor.
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