JPMorgan Said Near Settlement With U.S. Over Hiring in Asia

Author(s): Matt Robinson, Keri Geiger | Date: July 21, 2016 | Language: English
Source: Bloomberg.com | URL: http://goo.gl/7YKaBG

JPMorgan Chase & Co. is expected to settle later this year with the U.S. Justice Department and Securities and Exchange Commission to end a three-year probe into whether it inappropriately hired the children of Chinese decision-makers to win business, according to people familiar with the matter.

The bank is expected to pay around $200 million in the settlements over its hiring practices, according to one of the two people, who both asked not to be named because they weren’t authorized to discuss the negotiations publicly.

The SEC and JPMorgan declined to comment. The Justice Department didn’t respond to a request for comment.

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