… as reports say China regulator asked Dimon to hire family friend
CHINA’S top insurance regulator directly asked JP Morgan Chase’s chief executive Jamie Dimon to hire a family friend as a “favour,” the New York Times has reported, citing a confidential email.
The latest report comes as Wall Street’s practice of hiring family and friends of China’s ruling elite continues to attract the attention of regulators.
Dimon met the applicant, described as a well-qualified young woman, in June 2012. At that meeting in New York, the applicant acted as an interpreter for the Chinese insurance regulator Xiang Junbo. At the time of the meeting, JP Morgan was seeking lucrative work from Chinese insurance companies.
The woman was later taken on by the bank, sources said.
“Our CEO played no role in the hiring decision, did not weigh in, and did not follow up,” a bank spokesman, Joseph Evangelisti, said in a statement yesterday.