- JPMorgan (JPM) CEO Jamie Dimon has become ensnared in the controversy surrounding the bank's hiring practices in China, with the NYT reporting that a top insurance regulator from the country asked Dimon for the bank to hire a family friend as a favor at a time that the firm was trying to win lucrative work from insurance companies in China.
- Xiang Junbo made the request at a meeting with Dimon in June 2012, which the applicant attended, ostensibly as an interpreter. Dimon replied that the bank would "do what we can."
- The applicant received an internship and then a job at JPMorgan, where she has received strong performance reviews.
- Dimon is not suspected of wrongdoing, and JPMorgan said he had nothing to do with the decision to recruit the applicant.
- The report comes as JPMorgan and several other banks are the subject of investigations into their hiring practices in China and other regions.
NYT: Dimon was asked for JPM to hire friend of Chinese regulator
Feb 10 2014, 03:56 ET