Investment banks have started to review their hiring practices for mainland China in the wake of the Securities and Exchange Commission's investigation of JP Morgan in the country, according to people close to the situation.
The New York Times has reported that the US regulator is probing the bank’s hires of two employees who are from powerful families, relating to IPO deals that JPM advised on.
Although the probe is ongoing and there is no suggestion of wrongdoing, the issue has prompted at least two Europe-based banks to scrutinise their hires from China, upon the request from top-level management, according to people close to the situation.
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