FIRST WELLS FARGO, NOW JPMORGAN. Regulators just slapped $264 million in fines on the bank for its business practices in China.
"The so-called Sons and Daughters program was nothing more than bribery by another name," said Assistant U.S. Attorney General Leslie Caldwell. She called it "corruption, plain and simple."
Over the course of seven years, JPMorgan hired about 100 interns and full-time employees at the request of foreign government officials, according to authorities. These jobs scored JPMorgan more than $100 million in business.
JPMorgan admitted to authorities that individuals hired during the scheme were given the same titles and paid the same amount as entry-level investment bankers. That's despite the fact that, according to the DOJ, they mostly focused on routine work such as "proofreading" and generated little actual business.
JPMorgan's $264 million in fines is being divided up among multiple government agencies. The bank has agreed to pay more than $130 million to the SEC, $72 million to the Justice Department and $62 million to the Federal Reserve.
Despite the "blatant" conduct alleged by authorities, the U.S. did not announce any criminal charges against JPMorgan itself nor any individual employees of the bank.