Hong Kong’s banking watchdog has banned staff from referring associates to regulated groups after a top official was dragged into inquiries into investment banks’ hires of well-connected Chinese, known as princelings, that have centred on JPMorgan Chase.
Peter Pang, a deputy chief executive at the Hong Kong Monetary Authority, one of the regulators investigating JPMorgan, confirmed on Wednesday that he had sent his son’s CV to a friend at the US bank in the hope of helping him land a coveted summer internship.
His name, first reported by the Wall Street Journal, was on a list compiled by JPMorgan staff for US investigators of more than 200 people who had referred people to the bank. Many of the referrers were senior Chinese officials and business people.