JPMorgan Chase & Co China investment banking chief executive Fang Fang has announced plans to resign from the bank.
Fang Fang’s announcement is in line with the investigations on the bank’s hiring practices in Asia.
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The US authorities are currently investigating whether JPMorgan has violated bribery laws while employing people in order to benefit from their relatives in the government.
JPMorgan has submitted e-mails written by Fang on the recruitment of China Everbright Group Chairman Tang Shuangning’s son to the US prosecutors, the Wall Street Journal reported.
The Federal Bureau of Investigation and prosecutors from the Justice Department are currently investigating whether the Tang Shuangning’s son’s employment helped JPMorgan in securing assignments from Everbright.
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