- Market ends with marginal cuts this week; FMCG gains, Consumer Durables decline—What should investors do on Monday?
- Investors with short term view must book profits now; import duty hike, rupee weakness may arrest price correction, temporarily
- Virtual Digital Assets: VDAs to attract 1% TDS from today; know what CBDT says about new norms
- Maruti Suzuki, Ashok Leyland: What makes brokerages bullish on these auto stocks?
- Monsoon session of Parliament to begin on July 18; to end on August 12
Fed permanently bars former JPMorgan banker over China hiring scandal
The U.S. Federal Reserve said on Thursday it was barring former JPMorgan Chase & Co Managing Director Timothy Fletcher from the industry for life over his role in a China hiring program for which the bank was fined $264 million in 2016.
The Fed alleged that Fletcher had "improperly administered" the program to hire relatives of Chinese officials "in order to obtain improper business advantages for the firm." The Fed said Fletcher consented to the prohibition.
Fletcher, who had worked at JPMorgan`s Hong Kong unit, could not could immediately be reached for comment.
In 2016 the bank agreed to pay a total of $264 million to the U.S. Securities and Exchange Commission, the Justice Department and the Fed, to resolve the allegations its hiring program had violated the U.S. Foreign Corrupt Practices Act.
The Fed said on Thursday Fletcher had "engaged in unsafe and unsound practices, breaches of fiduciary duty, and violations of law."
The regulator said it was also requiring Fletcher to cooperate in any pending or potential enforcement action against other individuals who are or were affiliated with the firm.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.