Credit Suisse have been fined $77 million in the US for hiring friends and family of Chinese Government Officials between 2007 and 2013 in its Hong Kong Investment Banks.
In 2016 JPMorgan agreed to pay $264 million in settlement with the US Department of Justice (DoJ) and SEC. The hiring of “princelings” or “relationship hires” is perceived by many corporate governance commentators as an example of bribery. A US Securities and Exchange Commission (SEC) website reporting the case stated that “bribery can take many forms including granting employment to relatives of government officials.”