(Reuters) - JPMorgan Chase & Co (JPM.N) has hired New York law firm Paul, Weiss, Rifkind, Wharton & Garrison to investigate its hiring practices in Hong Kong, the Financial Times reported citing people familiar with the matter.
The law firm will respond to inquiries from the Securities and Exchange Commission about whether the bank's Hong Kong office hired children of key Chinese officials to help it win underwriting business and other contracts, the newspaper reported. (link.reuters.com/ban52v)
The SEC is questioning JPMorgan, the largest U.S. bank, over its relationships with at least two families in China that may have legitimate explanations, sources told Reuters.
JPMorgan and Paul, Weiss, Rifkind, Wharton & Garrison were unavailable for comment outside U.S. business hours.
JPMorgan’s shares closed at $52.12 on Monday on the New York Stock Exchange.
Reporting by Adithya Venkatesan; Editing by Stephen Coates