JPMorgan Chase got into hot water for hiring the children of the international elite, according to a report on Friday, but what the bank is accused of doing is far from unique.
Jamie Dimon's bank is facing a $200 million fine for its hiring practices overseas, according to a Wall Street Journal report. Notably, it's accused of hiring the son of China's commerce minister, Gao Hucheng, as it simultaneously sought business in that country, the Journal said.
According to the Journal's story, JPMorgan took on more than 200 candidates through a program dubbed the "Sons and Daughters" initiative, although it isn't clear what the purpose of the program is.
JPMorgan declined to comment to CNBC. The Journal report said the bank is expected to admit guilt, but not to be charged criminally. Word of the JPMorgan investigation first surfaced in 2013, although reports have indicated that the bank believed its plans fell within the bounds of legally accepted behavior.
Regardless, many who follow China's economic culture closely say the things which JPMorgan stands accused of are common practice on Wall Street and beyond.
"Many firms have taken to hiring the children of senior government officials," Foreign Affairs magazine reported in April of last year, adding that U.S. firms are sometimes "even paying their tuition at Western universities."