November 2, 2013
JPMorgan Chase admitted it is under investigation by the Justice Department over its hiring practices in Hong Kong, the latest in a string of federal probes and lawsuits against the bank that some believe is motivated by political payback.
Reuters reports that JPMorgan — the largest U.S. bank by assets — disclosed the investigation Friday as part of a routine filing with the Securities and Exchange Commission (SEC), which is also looking into alleged cronyism in the bank’s hiring process in China.
It’s the latest in bad news for JPMorgan, which agreed to pay a record-breaking $5.1 billion to the Federal Housing Finance Authority (FHFA) last week over toxic mortgage securities sold before the financial crisis. An additional $9 billion settlement over the same securities is in the works with the Department of Justice, putting the bank on the hook for an astounding $14.1 billion in penalties.
This article was posted: Saturday, November 2, 2013 at 5:02 am