JPMorgan said likely to pay $200m to settle hiring probe

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JPMorgan Chase is expected to pay about $200m to settle criminal and civil probes over its Asian hiring practices, according to a person familiar with the matter.

Reuters reports that a settlement, which could come later this year, would end probes that began three years ago into whether JPMorgan investment banking executives in Hong Kong hired sons and daughters of officials of Chinese companies as a way to win business.

The prospect of a settlement was reported on Thursday by the Wall Street Journal. JPMorgan would likely admit that its hiring practices violated a U.S. law prohibiting giving something of value in exchange for business, the Journal said.

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JPMorgan to pay about $200 million to settle Asia hiring probes

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