WSJ - Two senior executives at JPMorgan Chase & Co who are connected to an investigation into its hiring practices in Asia will exit the bank, the Wall Street Journal reported, citing people with knowledge of the matter.
Todd Marin, vice chairman of Asia Pacific investment banking, and Catherine Leung, vice chairwoman of Asia investment banking, are set to leave the bank in coming weeks, the Journal reported. (http://on.wsj.com/1FEVURt) The executives were not accused of wrongdoing, but they have stock options vesting soon. The bank did not want them to receive them and wanted to freeze them until the investigation is concluded, the report said.
Marin, a nearly 27-year veteran of the firm, is one of the most senior executives related to the probe to leave the bank.
Fang Fang, a key figure in the probe who stepped down in March 2014, had been reporting to Marin. Leung also worked closely with Fang and Marin.
JPMorgan was not immediately available for comment.
JPMorgan is under scrutiny from US authorities who are investigating the Asian hiring practices of JPMorgan and other banks. The probe deals with whether the bank gave jobs to Chinese government officials' children in return for lucrative banking assignments, the newspaper said.
The bank has not been accused of wrongdoing in the investigation which focuses on potential violations of the Foreign Corrupt Practices Act.