The US government authorities, which were probing JP Morgan’s hiring practices in China, have reportedly stepped up their industry-wide probe against five additional Wall Street banks.
Goldman Sachs, Deutsche Bank, Citigroup, Morgan Stanley and Credit Suisse Group have received formal requests for information from the US Securities and Exchange Commission (SEC), the New York Times reported.
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In August media reports emerged that US authorities are examining whether JPMorgan violated anti-bribery laws by hiring the children and other relatives of well-connected politicians and clients in China in exchange for having business steered to the firm.
The US agencies are examining whether hiring practices violated the Foreign Corrupt Practices Act, a US law that bars bribes or special favors to foreign government officials in exchange for business.
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By GlobalData
