US regulators investigating our foreign hiring practices: Citi

Citigroup said US authorities including the Securities and Exchange Commission are investigating the bank’s hiring of employees with ties to foreign government officials.

The lender is cooperating with the probes, New York-based Citigroup said Friday in an annual regulatory filing. The requests involve the Foreign Corrupt Practices Act, which makes it a crime to pay or give other benefits to a foreign government official.

Banks including JPMorgan Chase & Co and Goldman Sachs Group have disclosed similar investigations. The probes sparked a debate across Wall Street over whether US business standards should be applied in foreign countries and if doing favours for influential officials is illegal.

Mark Costiglio, a Citigroup spokesman, declined to elaborate on Friday’s disclosure.