JPMorgan Said to Quit Everbright Bank Offering Amid Probe

JPMorgan Chase & Co. ended plans to manage China Everbright Bank Co.’s Hong Kong share sale amid a U.S. investigation into the Wall Street firm’s hiring practices in China, two people with knowledge of the matter said.

The U.S. bank told Everbright it would quit the deal, which at $2 billion would be the largest first-time offering by a Chinese lender in Hong Kong since 2009, because the probe delayed an internal approval process, the people said. They asked not to be identified because the matter is confidential. Brian Marchiony, a JPMorgan spokesman, declined to comment.