Business
Top JPMorgan Banker Resigns Amid Hiring Probe

L-R: Director-General Debt Management Office, Dr Abraham Nwankwo, Deputy Executive Secretary, United Nations Economic Commission for Africa, Mr Abdala Hamdok and Director, Planning, UNECA, Mr George Ogboro, at the Seventh AU-ECA joint annual meeting in Abuja, yesterday. Photo: NAN
A senior JPMorgan executive in Hong Kong is leaving the bank amid an ongoing investigation into the company’s hiring practices in China.
Fang Fang, a 12-year employee, was one of JPMorgan’s top China dealmakers and most recently served as vice chairman of the firm’s Asia investment banking group.
Therese Esperdy, JPMorgan’s co-head of banking for Asia-Pacific, wrote in an internal company memo circulated Monday that Fang had informed the bank of his “desire to retire.”
Fang had come under scrutiny for his reported ties to a program at JPMorgan that is now the subject of a US investigation.
The program, called “Sons and Daughters” and run out of JPMorgan’s Hong Kong office, is thought to have tracked the children of top Communist Party officials hired by the bank.
Documents obtained by investigators list the hires and their ability to win new business for the bank in China.
If there is an explicit link between the hiring decisions, new deals and increased revenue for the bank, investigators could make the case that JPMorgan was in violation of the Foreign Corrupt Practices Act. The FCPA makes it illegal for American companies to pay bribes as a part of doing business.
Investigators have not accused any JPMorgan employees of wrongdoing.
Marie Cheung, a spokeswoman for the bank, said that Fang’s decision to retire was a personal one, and she added that JPMorgan is cooperating with regulators.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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