(Reuters) - U.S. authorities have opened an investigation into whether JPMorgan Chase & Co hired the children of powerful Chinese officials to help it win business in China, according to the New York Times. Investment banks have a long history of employing the children of China's politically connected. While close ties to top government officials is a boon to any banking franchise across the world, it's especially beneficial in China, where relationships and personal connections play a critical role in business decisions. The approval process for a stock offering in China, for example, is one area that has come under criticism inside and outside the country for being opaque and prone to cronyism. For JPMorgan, the China hiring probe comes while the bank is under intense scrutiny following the $6 billion trading loss it suffered in the "London whale" derivatives scandal.
Topics: u.s jpmorgan chase new york investment for jpmorgan london javier martin-artajo julien grout tang shuangning china everbright group the hong kong zhang xixi u.s securities marie cheung hong kong-based margaret ren chinese premier zhao ziyang ronald wan chair professor renmin university battushig batbold mongolia's prime minister morgan stanley wall street journal sec division enforcement reporting tom brown ian simpson lawrence white michael flaherty bill trott raju gopalakrishnan reuters jpmorgan a jpmorgan co chinese times china u.s exchange commission tang xiaoning tang china the hong kong sec it wall street ren wan open bribery hiring hired government probe business filing connections connected stock win employees top firms offering world reported country document
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