JPMorgan Says Justice Department, SEC Probing Hires in Asiaby and
JPMorgan Chase & Co., the largest U.S. lender by assets, said the Justice Department’s criminal division is among regulators investigating its hiring practices in Asia.
The lender is also facing probes by the Securities and Exchange Commission, JPMorgan said Friday in a filing. Regulators are seeking to determine whether the bank violated anti-bribery laws by hiring the children and other relatives of well-connected politicians and clients in China in exchange for having business steered to the firm, people familiar with the matter said in 2013. JPMorgan hadn’t named the agencies in its disclosures on the matter until Friday’s quarterly regulatory filing.
“The firm is responding to and cooperating with these investigations,” JPMorgan said in the filing.
Separately, the bank addressed potential disruption if the U.K. were to leave the European Union following a June 23 referendum. While the firm said a so-called Brexit vote wouldn’t threaten the viability of its businesses there, it would require changes, resulting in a “less efficient operating model” in Europe.
The latest polls show the British public split over future EU membership, with 40 percent in favor of leaving, 43 percent advocating staying and 17 percent undecided.