JPMorgan to settle China hiring probe - Bloomberg

(Reuters) - JPMorgan Chase & Co will pay about $200 million to settle allegations that it hired children of Chinese decision makers to win business, Bloomberg reported on Wednesday, citing sources.

The U.S. Securities and Exchange commission opened an investigation into JPMorgan in 2013 over the hiring of "princelings", the term used in Asia to refer to the children or younger relatives of China's political leaders or top executives at state-owned enterprises.

The settlement with the U.S. authorities could be announced as soon as Thursday, Bloomberg said. http://bloom.bg/2ghScue

The SEC and JPMorgan declined to comment. The Justice Department was not immediately available to comment.

 

(Reporting by Divya Grover in Bengaluru; Editing by Anil D'Silva)