JPMorgan Chase & Co. has agreed to pay $264.4 million in fines to federal authorities to settle charges it hired friends and relatives of Chinese officials in order to gain access to banking deals in that country.

Their Asia affiliate allegedly created a quid pro quo program that would hire the children and friends of high-ranking Chinese officials, regardless of the person's qualifications, in order to gain favor and win banking deals.

The nation's biggest bank will avoid criminal bribery charges as part of the deal reached with the Department of Justice, the Securities and Exchange Commission and other regulators.

JPMorgan Chase & Co. has agreed to pay $264.4 million in fines to federal authorities to settle charges that it hired friends and relatives of Chinese officials in order to gain access to banking deals in that country

The bank reached what's known as a non-prosecution agreement over the allegations.

The SEC opened an investigation into JPMorgan in 2013 over the hiring. The Justice Department opened a parallel investigation around the same time.

Investment banks have a long history of employing the children of China's politically connected.

While close ties to top government officials are a boon to any banking franchise across the world, they are especially beneficial in China, where relationships and personal connections play a critical role in business decisions.

The SEC, JPMorgan and the Justice Department all declined to comment.

The settlement was first reported by Bloomberg. It will end a probe into whether the bank's hires violated U.S. anti-bribery laws, Bloomberg said.

As the settlement was announced, there was conflicting information on whether JPMorgan Chase CEO Jamie Dimon could become U.S. Treasury secretary as part of President-elect Donald Trump's Cabinet.

As the settlement was announced, there was conflicting information on whether JPMorgan Chase CEO Jamie Dimon (pictured) was being considered as the next U.S. Treasury secretary as part of President-elect Donald Trump's Cabinet

Tweets from Fox Business News reporters on Wednesday were the latest indication that Dimon was still in the running for the job. But initial word from anchor Maria Bartiromo that he would 'get' the job was quickly knocked down.

JPMorgan spokespeople have declined to make any official comment about the idea of Dimon joining the Trump administration since November 10, when reports first surfaced that he was a contender for Treasury secretary. Dimon declined to comment through a representative on Wednesday.