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Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Bill Steinman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

JP Morgan ‘sons and daughters’ program hit by whistleblowers, emails

JP Morgan’s controversial “Sons and Daughters” hiring program is still under the microscope, most recently in a New York Times article that said the practice was an open secret among employees.

One employee email reviewed by the Times said the Sons and Daughters program provided “a gateway to doing business with state-owned companies in China.”

Another email, referencing a candidate whose father chaired financial services firm China Everbright Group, extolled the “existing and potential business opportunities” that would result from hiring the potential recruit.

According to press reports, JP Morgan allegedly hired Fullmark Consultants, a firm run by former prime minister Wen Jiabao’s daughter, Wen Ruchun, also known as Lily Chang. She’s pictured above.

Her $75,000 per month role was allegedly to pull in deals from state-owned Chinese companies during a time that coincided with her father’s premiership.

The company’s hiring practice was highly unpopular with some employees. Two whistleblowers reported it to the Hong Kong Stock Exchange and to U.S. authorities.

According to the Times, one junior banker’s resignation read, “I do not think my family is in a position to help you to the extent as others did: bring their family business to the firm.”

No charges in relation to the company’s hiring practices have been filed.

A detailed overview of investigations into JP Morgan by the New York Times is here.

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