JPMorgan Chase & Co paid $1.8 million over two years to a small consulting firm run by the daughter of former Chinese Premier Wen Jiabao, The New York Times reported on Thursday, a relationship that is part of a wider U.S. probe into the Wall Street bank's hiring practices in the region. Citing documents, public filings and interviews, the newspaper said JPMorgan had a $75,000 a month contract with the consulting firm run by Lily Chang, which appeared to have only one other employee. The paper said Chang is the alias of Wen Ruchun, the only daughter of Wen Jiabao, who as premier had oversight of financial institutions at the time of the contract. U.S. authorities are investigating whether JPMorgan improperly gave jobs to well connected people in Asia to win business. The probe has spurred several JPMorgan executives to hire lawyers in the United States, a source told Reuters on Wednesday. Banks globally have a long history of hiring people whose connections can be professionally
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