FILE - In this May 11, 2012, file photo, people stand in the lobby of JPMorgan Chase headquarters in New York. JPMorgan Chase & Co., already beset by other costly legal woes, has agreed to pay $1.7 billion to settle criminal charges accusing the bank of ignoring obvious warning signs of Bernard Madoff's massive Ponzi scheme, federal authorities said Tuesday, Jan. 7, 2014. (AP Photo/Mark Lennihan, File)
HONG KONG: JPMorgan Chase & Co has stopped working on a Chinese firm’s initial public offering (IPO) amid an investigation by US authorities into its hiring practises in China, people with direct knowledge of the matter told Reuters.
It is the second time JPMorgan has stepped aside from a Chinese IPO candidate while US securities regulators look into whether the bank violated federal laws in hiring the relatives of current or potential clients with the sole purpose of winning business from them.
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