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SEC probing hiring practices of HSBC and many other banks

Jaclyn Jaeger | February 29, 2016

London-based HSBC said in an earnings release last week that it is one of several banks being investigated by the Securities and Exchange Commission for its hiring practices in Asia.

HSBC said in a statement Feb. 22 that the SEC is investigating the “hiring practices of candidates referred by or related to government officials or employees of state-owned enterprises in Asia-Pacific.” Hiring a family member or friend of a government official violates the Foreign Corrupt Practices Act if the intent of the hiring is to obtain or retain business.

HSBC said it has received various requests for information and is cooperating with the SEC’s investigation. “Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of this matter, including the timing...

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