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JP Morgan under lens for ‘influence hiring’ in India

  • HT Correspondent, Hindustan Times, Washington
  • Updated: Nov 08, 2013 00:28 IST

US authorities are said to be scrutinising the hiring practices of global banking giant JP Morgan Chase in several Asia Pacific countries including India.

The company is alleged to have recruited relatives of clients, including those in the government, to further their business interests.

The US Securities and Exchange Commission (SEC) and the department of justice refused to comment as probes are still on.

The investigations started in the banking giant’s China unit and, according to the sources cited by The New York Times in a recent report, expanded to South Korea, Singapore and India.

The company refused to confirm or deny the Times report. But in its quarterly report filed with the SEC on November 1, it has said that it is under investigations for “hiring practices relating to referred candidates”.

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