Tang Shuangning of the China Everbright Group. An Tu/European Pressphoto Agency
The New York Times reports that existence of a program originally called “Sons and Daughters.” And although it was supposed to protect JPMorgan Chase’s business dealings in China, the program went so off track that it is now the focus of a federal bribery investigation in the United States, interviews and a confidential government document show.
JPMorgan started the program in 2006 as the friends and family of China’s ruling elite were clamoring for jobs at the bank, according to the interviews with former bank employees and financial executives in China and the United States. The program’s existence, which has not been previously reported, suggests that the bank’s hiring of such employees was widespread.
Children with elite pedigrees faced lower standards. In one instance, according to the interviews, the bank continued to employ the son of Tang Shuangning, the chairman of China Everbright Group, a state-controlled financial conglomerate, even though some JPMorgan officials questioned the younger Mr. Tang’s financial expertise.
The Asian Century Report 