Old school nepotism at its finest. Credit Suisse has agreed to pay $77m to US authorities after admitting it hired under-qualified relatives of influential Chinese government officials at state-owned enterprises in order to win business.
The case emerges from the so-called princelings investigations, in which US authorities accused major financial firms of giving valuable jobs to relatives of Chinese government officials in return for lucrative government business. JP Morgan Chase in November 2016 agreed to pay $264 million to resolve similar allegations. "Trading employment opportunities for less-than-qualified individuals in exchange for lucrative business deals is an example of nepotism at its finest," said William Sweeney, the number two official at the Federal Bureau of Investigation's New York division.