jpmorgan

JPMorgan Chase admitted it is under investigation by the Justice Department over its hiring practices in Hong Kong, the latest in a string of federal probes and lawsuits against the bank that some believe is motivated by political payback.

Reuters reports that JPMorgan — the largest U.S. bank by assets — disclosed the investigation Friday as part of a routine filing with the Securities and Exchange Commission (SEC), which is also looking into alleged cronyism in the bank’s hiring process in China.