Citi Says U.S. Regulators Are Investigating Its Foreign Hiring Practices
- Focus is on employing people with ties to government officials
- The investigation involves the Foreign Corrupt Practices Act
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Citigroup Inc. said U.S. authorities including the Securities and Exchange Commission are investigating the bank’s hiring of employees with ties to foreign government officials.
The lender is cooperating with the probes, New York-based Citigroup said Friday in an annual regulatory filing. The requests involve the Foreign Corrupt Practices Act, which makes it a crime to pay or give other benefits to a foreign government official.