HSBC under investigation by SEC for Asia hiring practices

Global banking behemoth HSBC Holdings has revealed in an earnings statement that it is under investigation by the US Securities and Exchange Commission for its hiring practices in Asia, The Wall Street Journal reported. The bank is the latest to disclose an SEC investigation into hiring practices since a Hong Kong Monetary Authority probe found J.P. Morgan Chase & Co. hired friends and family members of executives at three quarters of the major Chinese firms it took public in Hong Kong between 2004 and 2013. HSBC also disclosed that profit from Asia fell 14% to US$2.82 billion in the fourth quarter, marking a setback to ambitious expansion plans in the region.