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Hiring in China by JPMorgan Under Scrutiny
BY JESSICA SILVER-GREENBERG, BEN PROTESS AND DAVID BARBOZA
Federal authorities have opened a bribery investigation into whether JPMorgan Chase hired the children of powerful Chinese officials to help the bank win lucrative business in the booming nation, according to a confidential United States government document.
In one instance, the bank hired the son of a former Chinese banking regulator who is now the chairman of the China Everbright Group, a state-controlled financial conglomerate, according to the document, which was reviewed by The New York Times, as well as public records. After the chairman’s son came on board, JPMorgan secured multiple coveted assignments from the Chinese conglomerate, including advising a subsidiary of the company on a stock offering, records show.
The Hong Kong office of JPMorgan also hired the daughter of a Chinese railway official. That official was later detained on accusations of doling out government contracts in exchange for cash bribes, the government document and public records show.
The former official’s daughter came to JPMorgan at an opportune time for the New York-based bank: The China Railway Group, a state-controlled construction company that builds railways for the Chinese government, was in the process of selecting JPMorgan to advise on its plans to become a public company, a common move in China for businesses affiliated with the government. With JPMorgan’s help, China Railway raised more than $5 billion when it went public in 2007.
The focus of the civil investigation by theSecurities and Exchange Commission’s anti-bribery unit has not been previously reported. JPMorgan — which has had a number of run-ins lately with regulators, including one over a multibillion-dollar trading loss last year — made an oblique reference to the inquiry in its quarterly filing this month. The filing stated that the S.E.C. had sought information about JPMorgan’s “employment of certain former employees in Hong Kong and its business relationships with certain clients.”
In May, according to a copy of the confidential government document, the S.E.C.’s anti-bribery unit requested from JPMorgan a battery of records about Tang Xiaoning. He is the son of Tang Shuangning, who since 2007 has been chairman of the China Everbright Group. Before that, the elder Mr. Tang was the vice chairman of China’s top banking regulator.
The agency also inquired about JPMorgan’s hiring of Zhang Xixi, the daughter of the railway official. Among other information, the S.E.C. sought “documents sufficient to identify all persons involved in the decision to hire” her.
The government document and public records do not definitively link JPMorgan’s hiring practices to its ability to win business, nor do they suggest that the employees were unqualified. Furthermore, the records do not indicate that the employees helped JPMorgan secure business. The bank has not been accused of any wrongdoing.
Yet the S.E.C.’s request outlined in the confidential document hints at a broader hiring strategy at JPMorgan’s Chinese offices. Authorities suspect that JPMorgan routinely hired young associates who hailed from well-connected Chinese families that ultimately offered the bank business. Beyond the daughter of the railway official, the S.E.C. document inquired about “all JPMorgan employees who performed work for or on behalf of the Ministry of Railways” over the last six-plus years.
A spokesman for JPMorgan said, “We publicly disclosed this matter in our 10-Q filing last week, and are fully cooperating with regulators.”
The Ministry of Railways, which has since been restructured into various agencies, and the China Everbright Group did not respond to requests for comment. A spokeswoman for the S.E.C. declined to comment.
Attempts over the weekend to reach Ms. Zhang and Tang Xiaoning, both of whom have left JPMorgan, were unsuccessful.
。。。
太长了，贴不动了，原文在这里：
http://dealbook.nytimes.com/2013/08...n-under-scrutiny/?ref=morganjpchaseandcompany
BY JESSICA SILVER-GREENBERG, BEN PROTESS AND DAVID BARBOZA
Nir Elias/Reuters
Tang Shuangning, the chairman of the China Everbright Group.Federal authorities have opened a bribery investigation into whether JPMorgan Chase hired the children of powerful Chinese officials to help the bank win lucrative business in the booming nation, according to a confidential United States government document.
In one instance, the bank hired the son of a former Chinese banking regulator who is now the chairman of the China Everbright Group, a state-controlled financial conglomerate, according to the document, which was reviewed by The New York Times, as well as public records. After the chairman’s son came on board, JPMorgan secured multiple coveted assignments from the Chinese conglomerate, including advising a subsidiary of the company on a stock offering, records show.
The Hong Kong office of JPMorgan also hired the daughter of a Chinese railway official. That official was later detained on accusations of doling out government contracts in exchange for cash bribes, the government document and public records show.
The former official’s daughter came to JPMorgan at an opportune time for the New York-based bank: The China Railway Group, a state-controlled construction company that builds railways for the Chinese government, was in the process of selecting JPMorgan to advise on its plans to become a public company, a common move in China for businesses affiliated with the government. With JPMorgan’s help, China Railway raised more than $5 billion when it went public in 2007.
The focus of the civil investigation by theSecurities and Exchange Commission’s anti-bribery unit has not been previously reported. JPMorgan — which has had a number of run-ins lately with regulators, including one over a multibillion-dollar trading loss last year — made an oblique reference to the inquiry in its quarterly filing this month. The filing stated that the S.E.C. had sought information about JPMorgan’s “employment of certain former employees in Hong Kong and its business relationships with certain clients.”
In May, according to a copy of the confidential government document, the S.E.C.’s anti-bribery unit requested from JPMorgan a battery of records about Tang Xiaoning. He is the son of Tang Shuangning, who since 2007 has been chairman of the China Everbright Group. Before that, the elder Mr. Tang was the vice chairman of China’s top banking regulator.
The agency also inquired about JPMorgan’s hiring of Zhang Xixi, the daughter of the railway official. Among other information, the S.E.C. sought “documents sufficient to identify all persons involved in the decision to hire” her.
The government document and public records do not definitively link JPMorgan’s hiring practices to its ability to win business, nor do they suggest that the employees were unqualified. Furthermore, the records do not indicate that the employees helped JPMorgan secure business. The bank has not been accused of any wrongdoing.
Yet the S.E.C.’s request outlined in the confidential document hints at a broader hiring strategy at JPMorgan’s Chinese offices. Authorities suspect that JPMorgan routinely hired young associates who hailed from well-connected Chinese families that ultimately offered the bank business. Beyond the daughter of the railway official, the S.E.C. document inquired about “all JPMorgan employees who performed work for or on behalf of the Ministry of Railways” over the last six-plus years.
A spokesman for JPMorgan said, “We publicly disclosed this matter in our 10-Q filing last week, and are fully cooperating with regulators.”
The Ministry of Railways, which has since been restructured into various agencies, and the China Everbright Group did not respond to requests for comment. A spokeswoman for the S.E.C. declined to comment.
Attempts over the weekend to reach Ms. Zhang and Tang Xiaoning, both of whom have left JPMorgan, were unsuccessful.
。。。
太长了，贴不动了，原文在这里：
http://dealbook.nytimes.com/2013/08...n-under-scrutiny/?ref=morganjpchaseandcompany
