Barclays will pay $6.3 million to settle SEC charges that the bank hired people in Asia who had connection to clients to win business
By Kristin Broughton Sept. 27, 2019 5:16 pm ET Barclays PLC has agreed to pay $6.3 million to settle charges from the U.S. securities regulator it violated bribery laws by hiring the children and relatives of high-ranking decision makers to win business.
Barclays violated the Foreign Corrupt Practices Act by using employment at the bank to influence deal making, and failed to maintain a system of internal controls around hiring, the SEC said. Additionally, employees at the company falsified records to conceal the identities of job candidates, the securities regulator said.Barclays is one of several global banks coming under scrutiny in the U.S. for hiring the friends and family of senior executives and government officials.
Similarly, in March 2013, bankers in Barclays’s Asia-Pacific division hired the nephew of the chief executive of one of its key business clients. Two months later, Barclays recorded $2.6 million in revenue from the CEO’s company.
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