HKMA Bans Staff From Making Job Referrals to Supervised Firms

The Hong Kong Monetary Authority has banned its employees from referring candidates for jobs to firms under its supervision, after one of its senior officials said he had referred his son for a summer internship at JPMorgan Chase & Co. in 2006.

The city’s de facto central bank will “immediately inform” all of its staff members that they shouldn’t be referring individuals for any type of job at institutions overseen by the HKMA, it said in an e-mailed statement on Wednesday. The authority will also clarify requirements with staff for reporting jobs held by family members at institutions supervised by the HKMA, including temporary jobs, summer jobs and training work.

The move came after it was revealed that Peter Pang, a deputy chief executive at the HKMA, had referred his son to JPMorgan, the bank under investigation for hiring relatives of Chinese business leaders. Pang said he didn’t do anything to influence the hiring decision beyond sending the firm his son’s curriculum vitae, he said in an e-mailed statement on Wednesday.

“We don’t think that’s a big problem, but we understand the issue may cause concern over the public’s perception,” the HKMA said in its statement.

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