Wall Street hiring in Asia is coming under increasing scrutiny in the wake of a U.S. criminal investigation into whether JPMorgan Chase & Co. employed children of China’s elite in violation of anti-bribery laws.
JPMorgan Chase & Co. quit working on Tianhe Chemicals Group’s planned $1 billion initial public offering in Hong Kong amid a U.S. probe into hiring practices, two people with knowledge of the matter said.
Gaby Abdelnour, a former JPMorgan Chase & Co. regional chief who expanded the bank’s business in Asia, was questioned by U.S. investigators about his knowledge of a hiring program at the center of an international bribery probe, a person briefed on the matter said.
UBS AG is boosting annual bonus payments to investment bankers in Asia by about 10 percent for 2013, fueled by higher revenue from arranging sales of stocks and high-yield bonds, according to two people with direct knowledge of the matter.
Hony Capital Ltd., the Chinese private-equity firm that manages more than $6.8 billion, is examining a potential bid for United Biscuits Holdings Ltd. that could involve teaming up with a corporate buyer, people familiar with the matter said.