21 August 2019

JPMorgan HK office raided by ICAC, Bloomberg says

Hong Kong’s Independent Commission Against Corruption (ICAC) on March 26 searched the office of J.P. Morgan Chase & Co.’s China investment banking head, who has resigned amid a US investigation into the bank’s hiring practices, Bloomberg News reported Sunday, citing people with knowledge of the matter. The ICAC agents seized computer records and documents in the office of Fang Fang, who the bank says has decided to retire. The bank is being investigated on suspicion of having hired relatives of ranking Chinese government officials to gain advantage in its China business. The ICAC declined to comment, the report said.

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