Date
23 May 2017
Barclays joins HSBC, JPMorgan Chase and several other banks that are being investigated for hiring practices involving friends and family of well-placed people in Asia. Photo: Bloomberg
Barclays joins HSBC, JPMorgan Chase and several other banks that are being investigated for hiring practices involving friends and family of well-placed people in Asia. Photo: Bloomberg

US probing Barclays hiring practices in Asia

Barclays plc is the latest bank to disclose that US authorities are investigating its hiring practices in Asia, Bloomberg reports.

It is part of a wider probe into banks’ recruitment of friends and family members of government officials and top executives in the region.

In its latest annual report, the British bank said Tuesday it is cooperating with the US Securities and Exchange Commission and the US Justice Department in “an investigation into certain of its hiring practices in Asia”.

About 10 banks in the United States and Europe have said they are being investigated by US agencies over aspects of their foreign recruiting.

Last week, HSBC Holdings plc (00005.HK) said it had received requests from the SEC for information on its practices relating to job candidates with ties to Asian government officials.

Investigations into banks’ hiring of friends and family members of government officials and company bosses have been running since at least August 2013, when JPMorgan Chase & Co. disclosed that the SEC was scrutinizing its hiring.

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