JPMorgan Steps Aside From China Deal, Fearing Regulatory Scrutiny

JPMorgan Chase & Co. (NYSE:JPM) has stepped aside on a Chinese firm’s initial public offering amid investigations by U.S. regulators into its hiring practices in China. The bank’s latest move to pull out from Tianhe Chemicals’ IPO follows its decision to exit from two more deals earlier. Probe into JPMorgan’s hiring practice in China As reported earlier, US and foreign authorities have escalated probes into whether JPMorgan Chase & Co. (NYSE:JPM)’s hiring practices in China and Hong Kong violated anti-bribery laws. The probe centers on whether JPMorgan hired the relatives of powerful Chinese officials and businessmen in order to win business….