HSBC is being investigated by US regulators over its hiring practices relating to candidates with ties to government officials in Asia. The British-headquartered bank said that the US Securities and Exchange Commission was investigating it, as well as other institutions, “in relation to hiring practices of candidates referred by or related to government officials or employees of state-owned enterprises in Asia Pacific.”
In 2013 the hiring practices of JP Morgan came under similar scrutiny, in relation to hiring individuals close to of senior Chinese officials. Bankers say the practice can often help win regulatory approval, as well as coveted big-ticket deals from the government and state-owned enterprises.
From the HSBC statement:
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