The Securities and Exchange Commission has expanded its investigation into the way large banks hire employees in Asia, examining whether either the banks or their employees have violated anti-bribery laws by hiring the relatives of well-connected officials, the Wall Street Journal reports.
The SEC sent letters to at least five U.S. and European firms back in March seeking more information about hiring practices in Asia, including Credit Suisse Group AG, Goldman Sachs Group Inc., Morgan Stanley, Citigroup and UBS AG. None of the banks involved in the investigation has been accused of wrongdoing, the Wall Street Journal reports.
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