Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

Is the government trying to break up JPMorgan?

A JPMorgan sign is seen outside the Los Angeles office tower housing the financial services firm's offices.
Robyn Beck | AFP | Getty Images

Any doubt that the rules have changed for the way megabanks do business around the world should be removed now.

News over the weekend that regulators had launched a probe into JPMorgan Chase's hiring practices in China provide further evidence that too-big-to-fail banks are in the firing line.

The bank is suspected of hiring the children of prominent Chinese officials in an effort to curry favor there, according to reports first filed by The New York Times's DealBook blog.

Peddling influence in China is hardly a new business trend.

Prosecuting big-league Wall Street banks for doing so is.