Update | JP Morgan executives linked to Asia hiring probe to leave bank

Two senior executives at JP Morgan linked to a probe of its hiring practices in Asia are leaving the bank, it confirmed yesterday.

The departures of Asia-Pacific investment banking vice-chairman Todd Marin and Catherine Leung, vice-chairwoman of Asia investment banking, came as the bank announced a wider reshuffle of senior roles.

Market talk swirled that the reshuffle was related to a hiring investigation launched by US regulators into allegations that JP Morgan inappropriately hired the children and relatives of well-connected politicians and businessmen in exchange for lucrative business deals.

Marin and Leung were among the senior executives at the bank during the period under scrutiny. Neither Marin nor Leung have been accused of any wrongdoing by US regulators who are investigating JP Morgan – along with nearly all the top global investment banks, including Goldman Sachs, Citi, Morgan Stanley, UBS, Credit Suisse, Deutsche Bank and Bank of America Merrill Lynch.

Such actions would potentially be violations of Foreign Corrupt Practices Act legislation in the US.

A Hong Kong spokeswoman at JP Morgan declined to comment on the investigation. The new leadership announcement was a separate matter, she said.