World Economy

HSBC Under US Probe

HSBC Under US ProbeHSBC Under US Probe

HSBC said on Monday it was being investigated by the Securities and Exchange Commission in relation to hiring practices of candidates with ties to government officials in Asia. “HSBC has received various requests for information and is cooperating with the US Securities and Exchange Commission investigation. It would be inappropriate to comment further,” HSBC spokesperson Gareth Hewett told Reuters. The SEC opened in 2013 a probe into JPMorgan regarding the hiring of ‘princelings’, the term used in Asia to refer to the children or younger relatives of China’s political leaders or of powerful executives at state-owned enterprises.