(Photo: MIKE SEGAR/REUTERS)
J.P. Morgan Chase & Co. hired friends and family members of executives at three-quarters of the major Chinese companies it took public in Hong Kong during a decadelong boom in Chinese IPOs, according to a document compiled by the bank as part of a federal bribery investigation.
The document was prepared by J.P. Morgan to be submitted to U.S. investigators in April, according to a person familiar with it, and analyzed by The Wall Street Journal. It lists 222 candidates hired by the bank under a program known internally as “Sons and Daughters” and names the people who referred them—making it the most detailed accounting yet of the overlap between the program and the bank’s business in China.
Under the program, which ran from 2004 to 2013, J.P. Morgan took referrals from a broad spectrum of China’s business and political elite, the document shows. Nearly half came from the government, including regulators of the banking, insurance and securities industries, senior executives of major state-owned companies and provincial and central-government officials.
The original article can be found at www.wsj.com