JP Morgan has retained three leading regulatory and litigation firms in China, Hong Kong and the US to assist it as the US government investigates allegations of bribery connected to the bank’s hiring practices in Hong Kong.
According to press reports, US authorities are investigating JP Morgan over claims that it hired the children of high-level Chinese officials to gain clients and business.
Sources close to the matter revealed that the bank had appointed King & Wood Mallesons (KWM), Herbert Smith Freehills (HSF) and Paul Weiss Rifkind Wharton & Garrison to assist it in the government investigation, as well as conducting an internal investigation to come to grips with the depth of the situation.
KWM will advise on mainland China issues, while HSF and Paul Weiss will handle the Hong Kong and US aspects of the investigation respectively.
Paul Weiss was also said to be representing the bank to respond to the Securities & Exchange Commission’s inquiry into the bank’s hiring of a former Chinese banking regulator’s son and a former Chinese railway official’s daughter.
KWM and HSF declined to comment, and Paul Weiss could not be reached for comments.