China coverage professional asked JPMorgan’s Dimon for task ‘desire’

China’s pinnacle coverage regulator without delay asked JPMorgan Chase & Co CEO Jamie Dimon to rent a family pal as a “desire,” The big apple times mentioned, mentioning a personal e-mail.

The ultra-modern media file comes while Wall street’s exercise of hiring circle of relatives and pals of China’s ruling elite continues to attract the eye of regulators. U.S. government had been looking into the hiring practices of numerous banks and hedge funds, focusing on those related to well-linked foreign officials with the rationale of securing enterprise.

Dimon met the applicant, defined by means of The big apple instances as “a young female,” in June 2012. At that assembly in new york, the applicant acted as an interpreter for the chinese insurance regulator Xiang Junbo, in line with the document.

at the time of that meeting, JPMorgan changed into in search of lucrative paintings from chinese language coverage groups, the newspaper said. It said the timing of the applicant’s internship at the bank may have had no connection to JPMorgan’s business with the chinese insurance industry, a number of which the financial institution secured before the assembly. The applicant played no position in the ones deals, the paper stated.

JPMorgan informed The new york instances that Dimon had nothing to do with the choice to rent the younger woman, who was described inside the financial institution as nicely qualified.

“Our CEO performed no function within the hiring decision, did no longer weigh in, and did no longer observe up,” JPMorgan spokesman Joseph Evangelisti stated in a assertion to the newspaper. “it's miles his regular practice to bypass on referrals without advice to those worried in hiring.”

The the big apple instances did not perceive the applicant.

Neither Dimon nor the applicant are suspected of any wrongdoing, the newspaper said, mentioning a person briefed on the investigation.

JPMorgan, the largest U.S. bank with the aid of belongings, has been undertaking an internal research inspecting the employment of around two hundred people for times of feasible unlawful nepotism.

Evangelisti confirmed his feedback within the story when reached with the aid of Reuters on Monday.

officials at the China insurance Regulatory commission did no longer respond to a request for remark.

JPMorgan stocks have been down much less than 0.2 percentage at $56.fifty three on Monday in mid-day trading in big apple.