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JPMorgan to Settle China Hiring Probe as Soon as Thursday

  • Bank to pay $200 million over recruiting children of elite
  • Non-prosection deal reflects bank’s cooperation with inquiry
Bloomberg business news

JPMorgan Said to Settle Probe Over China Hires

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U.S. authorities are preparing to announce as soon as Thursday that JPMorgan Chase & Co. will pay about $200 million to settle allegations that it hired children of Chinese decision makers to win business, according to people familiar with the matter.

The agreement would end a nearly three-year investigation into whether the hires violated U.S. anti-bribery laws. The highly publicized probe set off a debate on Wall Street over whether U.S. business standards should be applied in foreign countries and whether favors to influential officials amounted to criminal activity.