The logo of Swiss bank UBS is seen at the company's headquarters in Zurich, February 10, 2015. REUTERS/Arnd Wiegmann/File Photo
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Swiss banking giant Credit Suisse said Wednesday it would pay a $47-million penalty to avoid prosecution following a vast U.S. probe into big banks' hiring the children of powerful Chinese officials.At least six other banks were caught up in the U.S. investigation: JPMorgan, Citigroup, Goldman Sachs, Morgan Stanley, Deutsche Bank and UBS.In 2016, U.S. bank JPMorgan also reached a deal with U.S. authorities to end the probe, dishing out $264 million in penalties.The grand-daughter of former Chinese President Jiang Zemin, Jiang Zhicheng, meanwhile reportedly worked at Goldman Sachs, while Tang Xiaoning, the son of the president of the China Everbright Group, a state-controlled financial company, worked at JPMorgan, Citigroup and Goldman Sachs.
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