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JPMorgan Chase Bank (China) Co., Ltd.

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2016

    JPMorgan's 'Sons and Daughters' Program Hired Relatives of Chinese Officials; Firm Pays USD 264 Million

    Investigations by the U.S. Department of Justice, the SEC, and the Federal Reserve found that JPMorgan's Asia-Pacific operations hired more than 200 relatives recommended by Chinese government officials and senior executives of state-owned enterprises between 2006 and 2013 through its 'Sons and Daughters' program, in exchange for investment banking opportunities, including IPO underwriting; some hires were unqualified. JPMorgan reached settlements with U.S. regulators and paid a total of about USD 264 million. The conduct violated the U.S. Foreign Corrupt Practices Act; in 2019 the Federal Reserve imposed a lifetime industry ban on a former Asia executive.

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