BREAKING NEWS

BREAKING NEWS

Fed permanently bars former JPMorgan banker over China hiring scandal

Fed permanently bars former JPMorgan banker over China hiring scandal
FILE PHOTO: The seal for the Board of Governors of the Federal Reserve System is displayed in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts -
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Joshua Roberts(Reuters)
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WASHINGTON (Reuters) - The U.S. Federal Reserve said on Thursday it was barring former JPMorgan Chase & Co Managing Director Timothy Fletcher from the industry for life over his role in a China hiring program for which the bank was fined $264 million (202 million pounds) in 2016.

The Fed alleged that Fletcher had "improperly administered" the program to hire relatives of Chinese officials "in order to obtain improper business advantages for the firm." The Fed said Fletcher consented to the prohibition.

(Reporting by Michelle Price; Editing by Richard Chang)

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