JPMorgan paying $264M for bribing foreign officials

JPMorgan Chase agreed to pay a $264 million fine to settle claims the company hired hundreds of friends and relatives of potential clients in order to win business in China.

Accused of violating the Foreign Corrupt Practices Act, the bank admitted wrongdoing in the settlement.

JPMorgan hired candidates - who were often unqualified - for internships and full-time jobs. In some cases, the employment would be extended if the relationship with business or government officials generated enough revenue.

Read more from The Washington Post.