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JP Morgan hires were referred by China IPO clients

Recruitment programme known internally as ‘Sons and Daughters’ ran from 2004 to 2013

JP Morgan hires were referred by China IPO clients

JP Morgan Chase hired friends and family members of executives at three quarters of the major Chinese companies it took public in Hong Kong during a decade-long boom in Chinese IPOs, according to a document compiled by the bank as part of a federal bribery investigation.

The document was prepared by JP Morgan to be submitted to US investigators in April, according to a person familiar with it, and analysed by The Wall Street Journal. It lists 222 candidates hired by the bank under a programme known internally as "Sons and Daughters" and names the people who referred them-making it the most detailed accounting yet of the overlap between the programme and the bank's business in China.

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