Ex-CEO at JPMorgan's investment banking unit said arrested

Chinese Flag

Fang Fang, former CEO officer for JPMorgan’s China investment bank, was arrested by Hong Kong’s anti-graft agency, Caixin reported, citing two people it didn’t identify.

Bloomberg News reports that the banker is out on bail after he was released by the Independent Commission Against Corruption, the magazine said, without disclosing when Fang was taken in for questioning.

He’s restricted from leaving Hong Kong, it said. The arrest may be linked with probes into banks’ hiring practices, Caixin said.

Fang, a 12-year veteran of JPMorgan, resigned from the firm in March, according to an internal memo obtained by Bloomberg News at the time. His departure came amid a U.S. investigation into whether the firm employed people in Asia so that their relatives in government would steer business to the bank, people with knowledge of the probes have said.

The bank hasn’t been charged with any wrongdoing.

To access the complete Bloomberg article hit the link below:

JPMorgan Ex-CEO for China Investment Bank Arrested, Caixin Says 

BNP Paribas Risks Client Fight as Ban on Transfers Looms

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts