Citigroup Confirms Investigations Over 'Princelings' Hiring Practices
February 24 2017 - 6:34PM
Dow Jones News
By Christina Rexrode
Citigroup Inc. on Friday confirmed it is being investigated over
hiring practices that could violate foreign-bribery laws.
The bank said in a regulatory filing that the Securities and
Exchange Commission and other U.S. agencies "are conducting
investigations or making inquiries" to determine if banks gave
preferential treatment to foreign-government officials "with
respect to the hiring of candidates."
J.P. Morgan Chase & Co. in November paid $264 million to
settle charges that it gave jobs and internships to relatives and
friends of government officials in Asia, sometimes referred to as
princelings. The Wall Street Journal has previously reported that
Citigroup and other big banks were under investigation over similar
allegations.
Citigroup said it is cooperating with the investigation, which
will examine whether the bank violated the Foreign Corrupt
Practices Act. It didn't say what countries the inquiries might be
focused on or other details.
Write to Christina Rexrode at christina.rexrode@wsj.com
(END) Dow Jones Newswires
February 24, 2017 18:19 ET (23:19 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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