16 January 2019

Investment banks’ hiring practices alarm public, paper says

Children of senior Chinese executives are routinely hired by foreign investment banks seeking to grow their business in the mainland, China Business News reported Wednesday. However, the practice has been receiving widespread attention from regulators and the public concerned about its wider impact. They want these banks to be more prudent in their hiring practices, the report said. The problem emerged after reports that UBS A.G. has suspended a senior manager in its Asian unit while it investigates the hiring of a daughter of the chairman of Liaoning Tianhe Fine Chemicals Co. Ltd. which is planning a public listing in Hong Kong this year, the report said. 

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