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Probes hurt JPMorgan
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JPMorgan Chase & Co has withdrawn from a syndicate of banks working on a US$2 billion Hong Kong listing by China Everbright Bank, a person familiar with the matter said.
JPMorgan’s exit comes as it faces a number of investigations by US regulators, including its hiring practices in China. US authorities are probing whether the bank improperly gave jobs to well connected people in Asia to win business.
JPMorgan has said it is cooperating fully with US regulators, but declined to comment further yesterday.
It also faces a settlement for its liability to government agencies over mortgage securities.
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