Stacy Summary: Now they need to investigate the hiring of Tony Blair!
JPMorgan hit by U.S. bribery probe into Chinese hiring
U.S. authorities have opened an investigation into whether JPMorgan Chase & Co (NYS:JPM) hired the children of powerful Chinese officials to help it win business in China, according to the New York Times.
Investment banks have a long history of employing the children of China’s politically connected. While close ties to top government officials is a boon to any banking franchise across the world, it’s especially beneficial in China, where relationships and personal connections play a critical role in business decisions.