A JPMorgan Chase & Co. intern had poor grades at the Wharton School. His supervisor in Asia told colleagues that “he’s not really built” for investment banking. He had “attitude issues,” had trouble “following basic rules” and was a prolific napper. Yet in 2010 he was offered a full-time job, over the reservations of some executives.Those details emerged on Thursday as JPMorgan agreed to pay about $264 million to settle U.S. allegations that it hired children of Chinese decision-makers to win business in violation of anti-bribery laws.
I think many in the industry know about this, I have seen it happening and heard about it. "Princelings" that got return offers instead of stronger candidates.
Any stories out here? Please share!
