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Jamie Dimon quickly returns to the sweet China joke

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I didn’t want to say what I clearly wanted to say!
Photo: Michel Euler – Pool / AFP via Getty Images

Even when you’re one of America’s most powerful financiers, it seems like you have to be careful what you say about China.

Speaking at a panel at the Boston College Chief Executives Club on Tuesday, JPMorgan Chase CEO Jamie Dimon made a pretty sweet, albeit politically tactless, joke: I was just in Hong Kong and I did. a joke that the Communist Party is celebrating its 100th anniversary. , he said. JPMorgan too. And I’ll make a bet we’ll last longer.

Dimon added, I can’t say that in China. They’re probably listening anyway.

Apparently he can’t say that in America either.

On Wednesday, after having had internal discussions with his government relations with banks team, by Bloomberg, Dimon tried to do some cleaning up. He said in a statement, I regret and should not have made that comment. I was trying to highlight the strength and longevity of our business.

As Bloomberg notes, JPMorgan Chase has $ 20 billion in exposure in China, so offending Xi Jinping could have major financial repercussions. And there is little evidence that humans can stand a joke. To take an example of his sensitivity: In 2018, Chinese censors banned the release of the film Christophe robin because of Xis’ resemblance to Winnie the Pooh.

Comments forced to backtrack on China are a cycle now familiar to Western industries with significant interests in the world’s second-largest economy, such as China. movie company. Western sports leagues have also taken a very cautious line, although the recent demise of Peng Shuai may have changed that calculation.

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