CELEBRITIES / FEB. 24, 2014
version 3, draft 3

Long Live Nepotism! 5 Incredible Stories of Favouritism Based on Kinship

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1. JPMorgan Chase & Co’s China Connection
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JPMorgan Chase was investigated by US federal authorities after the global mega bank was alleged over hiring the children of Chinese officials to help the bank win profitable business in the Asian country. The allegations were reported by the New York Times, which cited a confidential US document. Among other things, the bank was reported to have brought on Tang Xiaoning, son of Tang Shuangning (pictured), chairman of the China Everbright Group – a conglomerate controlled by the Chinese government. Shortly after Shuangning joined JPMorgan, the bank scored multiple ‘coveted’ assignments from Everbright, according to the New York Times. According to the New York Times “Global companies also routinely hire the sons and daughters of leading Chinese politicians”. Surprisingly, JPMorgan hired the children of officials of state-controlled companies. The investigation into whether these hirings helped the bank win lucrative business from Chinese state-controlled companies is ongoing

Welcome to the realm of nepotism where leaders, reluctant to give power to an unknown outsider, hand the reins to someone in the family tree. Granted, kin may have a top-tier education and experience in the business, but it’s often hard to know whether there might be someone better for the job.

Though nepotism is often viewed unfavourably in modern-day business, the practice is far from outdated. A more subtle form of nepotism, hiring the children of the rich or well-connected — ostensibly to win business or favor is also popular across industries. The latest public example: authorities in the United States are looking into whether JPMorgan Chase & Co hired the offspring of officials in China to give their business a boost.

From banking giants to global media powerhouses, the following slideshow will look at some of the most public examples of nepotism — or at least keeping plum posts in the family — in business.

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