ALERT -- China Arrests Ex-CEO of JPMorgan In Hong Kong

http://www.bloomberg.com/news/2014-05...
Fang Fang, former chief executive officer for JPMorgan Chase & Co. (JPM)’s China investment bank, was arrested by Hong Kong’s anti-graft agency, Caixin reported, citing two people it didn’t identify.

The banker is out on bail after he was released by the Independent Commission Against Corruption, the magazine said, without disclosing when Fang was taken in for questioning. He’s restricted from leaving Hong Kong, it said. The arrest may be linked with probes into banks’ hiring practices, Caixin said.

Fang, a 12-year veteran of JPMorgan, resigned from the New York-based firm in March, according to an internal memo obtained by Bloomberg News at the time. His departure came amid a U.S. investigation into whether the firm employed people in Asia so that their relatives in government would steer business to the bank, people with knowledge of the probes have said.