JPMorgan CEO Jamie Dimon reflects on his wisdom that the Wall Street giant he leads will outlive the Chinese Communist Party.
The Communist Party is celebrating its 100th anniversary, as is JPMorgan, ”Dimon said in a speech at Boston College Tuesday. “I would bet we last longer.”
At the time, Dimon admitted that the quip could spark controversy. I can’t say that in China, Dimon added. They’re probably listening anyway.
On Wednesday morning, however, the 65-year-old banker – who had just visited Hong Kong last week – was busy limiting the damage.
I regret and should not have made this comment. I was trying to highlight the strength and longevity of our business, ”Dimon said in a statement.
I regret my recent comment because it is never fair to joke or denigrate a group of people, be it a country, its leaders or any part of a society and culture ” , added Dimon. “Talking in this way can undermine a constructive and thoughtful dialogue in society, which is more necessary than ever.
At a press conference on Wednesday, Chinese official Zhao Lijian dismissed Dimon’s joke and said the publications were simply seeking to grab the headlines with a “publicity stunt.”
Dimon’s remarks came just days after Dimon returned from his whirlwind trip to Hong Kong, which allowed him to skip the usual quarantine requirements even as he cracked down on other visitors amid an outbreak in cases.
Hong Kong officials justified the exception by saying Dimon had “important business” in the country. He is the first major Wall Street leader to visit the country since the coronavirus outbreak.
JPMorgan first entered China in 1921, the same year the country’s Communist Party was formed. In August, the bank obtained permission from the Chinese government to take full ownership of its securities business. It was the first foreign bank to obtain this authorization. JPMorgan is also working on a deal to buy part of the China Merchants Bank.
Dimon reiterated JPMorgans’ commitment to operate in the country even as he acknowledged long-standing tensions with the United States. He said issues such as unfair trading practices should have been addressed sooner, but added that JPMorgan cannot sever trade ties with a country just because it does not agree with a policy.
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