JPMorgan to pay about US$200 million to settle Asia hiring probes.


JP-Morgan Chase and Co is expected to pay about US$200 million to settle criminal and civil probes over its Asia hiring practices, the Wall Street Journal reported, citing people familiar with the matter.

JPMorgan would likely admit that its hiring practices, including a China program in which it hired the children of powerful people, violated a U.S. law prohibiting giving something of value in exchange for business, the Journal said.

The settlement with federal prosecutors and regulators, expected later this year, could pave the way for similar outcomes in ongoing inquiries into other banks, the Journal said.

A JPMorgan spokesperson declined to comment.

Source: Reuters