The SEC and the DOJ will collect $264m from JPMorgan Chase & Co in regards to it hiring relations of major Chinese officials to garner business.
Editor’s Remarks: JPMorgan’s Asian unit operated a program until 2013 called Sons and Daughters. Chinese officials recommended potential hires that would circumvent the usual hiring process in return for deals and more clients. On one level, it pushes the poor perception that the establishment has with the general public, but it also highlights to Western nations the difficulty in doing business in China. Both underscore and explain the current sentiment sweeping across the US.
What to watch: Donald Trump, US Trade Deals, JPMorgan, USD/CNY