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Report: JPMorgan could pay $200M to settle probes on hiring in Asia

is reportedly closeto a settlement deal with federal prosecutors that are investigating the company'shiring practices in Asia, The Wall StreetJournal reported July 21.

The settlementcould see the company pay out as much as $200 million to settle criminal and civilinvestigations regarding its preferential hiring of the children of influentialindividuals, particularly in China, the Journaladded, citing "people familiar with the matter." In addition, thesettlement is expected to be finalized in the next few months.

Sources alsotold the news outlet that the result of the investigation into JPMorgan may alsopave the way for similar conclusions for other institutions that are being investigatedover the same issues,which have beleagueredthe bank for several .