Date
22 October 2017
Peter Pang says that he merely sent his son's CV to JPMorgan and that he didn't do anything to influence the bank's decision on an internship in 2006.
Peter Pang says that he merely sent his son's CV to JPMorgan and that he didn't do anything to influence the bank's decision on an internship in 2006.

HKMA official admits referring son for JPMorgan internship

A senior official of the Hong Kong Monetary Authority (HKMA) confirmed Wednesday that he had referred his son for a summer internship in 2006 at JPMorgan Chase & Co., a bank is that is under investigation in the US over its China hiring practices.

Peter Pang, a deputy chief executive at the HKMA, said he didn’t do anything to influence the hiring decision beyond sending the firm his son’s curriculum vitae, Bloomberg News reported.

“My duties in the HKMA did not involve supervisory functions over or direct business dealings with JPMorgan,” Pang was quoted as saying in an e-mailed statement.

The HKMA said it is collaborating with the “relevant authorities” in looking into the hiring practices of JPMorgan.

The US Justice Department is investigating the so-called sons and daughters program allegedly run by JPMorgan to hire well-connected Chinese as the bank sought to boost its influence in the country.

Pang said he sent across his son’s CV after learning from a friend at the bank that internships were available.

His son, who was studying economics at the University of Chicago, got a summer position lasting about two months after going through a selection process, he said.

The Wall Street Journal reported on Wednesday that Pang was listed in an internal JPMorgan document as having referred his son for an internship.

HKMA Chief Executive Norman Chan, meanwhile, told reporters that “Mr. Pang only sent the CV. Other than that, he didn’t do anything to affect the hiring process and decision.” 

“Second, Mr. Pang’s duties at the HKMA do not involve supervision of the bank and direct engagement of business. From this perspective, we don’t see a big problem with that.”

Following the controversy, HKMA will however “consider internally revising rules and details on what can be done and what needs to be avoided,” Chan was quoted as saying at a briefing in Shanghai.

– Contact us at english@hkej.com

CG/RC

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