JPMorgan Chase (JPM) has hired Anoop Singh, former director of the International Monetary Fund’s (IMF) Asia-Pacific region, to head the bank’s regional regulatory strategy division. Singh is to begin working for the bank in February, out of the bank’s Hong Kong office. He will report to Tim Ryan, global head of regulatory strategy, and Andrew Butcher, chief administrative officer of the Asia-Pacific region.
This newly created position comes on the backdrop of growing global scrutiny over practices followed by big banks. JPMorgan is no stranger to such probes – the bank forked over $30 billion last year in the form of legal costs, with the settlement of at least eight big lawsuits still remaining.
One of these pending lawsuits is regarding the bank’s hiring practices in China. At the moment, US regulators are investigating whether the bank hired children of prominent personalities and government officials to win businesses, which is a violation of the US Foreign Corrupt Practices Act of 1977. This act bars any US-based company from procuring businesses by deceitful means such as giving money or other valuables to foreign officials.
Read More : JPM
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