Morgan Stanley said investigated over Chinese hiring practices

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The U.S. Justice Department is probing Morgan Stanley for its hiring practices in China, according to a person familiar with the matter.

Reuters reports that the move comes as U.S. authorities expand their investigation into whether banks' hiring of politically connected Chinese employees may have breached U.S. bribery laws.

U.S. authorities' interest in the hiring practices of banks operating in China first came to light in August when media reports disclosed that the U.S. Securities and Exchange Commission was looking at whether JPMorgan Chase's Hong Kong office hired the children of powerful heads of state-owned companies in China with the express purpose of winning underwriting business and other contracts.

JPMorgan has said it is cooperating with the probe.

The Justice Department is working closely with the SEC, which has launched a sweeping investigation that has widened from JPMorgan to look at whether a number of financial services companies have been violating bribery laws through their hiring, said the person and another individual familiar with the probe.

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Exclusive: U.S. expands China hiring probe to Morgan Stanley

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