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JPMorgan top China executive close to departing: source
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[March 24, 2014]
HONG KONG (Reuters) — JPMorgan Chase &
Co's <JPM.N> chief executive for China investment banking Fang Fang
has decided to leave the U.S. bank soon amid a probe of its Asian
hiring practices, a source familiar with the matter said on Monday.
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 Fang, who has been at the bank for more than a decade, has told the
bank he wants to retire, the source said. It was not clear whether
Fang's departure is related to the probe of JPMorgan hiring
practices in Asia.
A spokesman for JPMorgan declined to comment. The Wall Street
Journal first reported Fang's departure, saying an internal
announcement about the departure could come as early as Monday.
U.S. authorities have been investigating whether JPMorgan and other
Wall Street firms violated bribery laws by improperly hiring the
relatives of well-connected Chinese officials.
JPMorgan has provided U.S. prosecutors with emails from Fang, who is
also the bank's vice chairman of investment banking in Asia,
discussing the hiring of China Everbright Group Chairman Tang
Shuangning's son, the Journal reported.
The U.S. bank has stopped working on two China initial public
offerings while the investigation is being carried out, including a
$3 billion listing by China Everbright Bank Co.
The Federal Bureau of Investigation and prosecutors from the Justice
Department are examining whether the employment of Tang's son helped
JPMorgan win assignments from Everbright, the Journal added.
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Representatives for JPMorgan and China Everbright did not
immediately respond to requests for comment on the hiring of Tang's
son.
Other firms that have come under scrutiny for their hiring practices
in Asia include Citigroup <C.N>, Goldman Sachs <GS.N> and Morgan
Stanley <MS.N>.
(Reporting by Greg Roumeliotis in New
York and Lawrence White in
Hong Kong; editing by Eric Walsh and Edwina Gibbs)
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