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Credit Suisse Asia hiring investigated

Swiss banking giant Credit Suisse is being investigated by the US government for its hiring practices in Asia-Pacific.
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In its fourth quarter results, Credit Suisse confirmed that it has been “responding to requests from certain governmental and regulatory authorities” regarding its hiring practices.

These include the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).

The authorities are looking into whether the bank hired referrals from government agencies and other state-owned entities in exchange for investment banking business and/or regulatory approvals.

This would violate the US Foreign Corrupt Practices Act and other civil statutes.

Credit Suisse stated that it is cooperating with the authorities.

Not the only one

The Swiss bank, however, is not alone.

In November 2016, JPMorgan Chase agreed to pay $264m (£190m, €213m) to the US Government to settle allegations it had hired the children and relatives of influential Chinese policymakers or officials in the hopes of winning business.

Additionally, HSBC confirmed in its first half of 2017 results that it was under similar investigation by the SEC “in relation to hiring practices of candidates referred by or related to government officials or employees of state-owned enterprises in Asia Pacific”.

Part of the Mark Allen Group.