Jamie Dimon apologizes again after saying JPMorgan will outlast China’s communist party – archyde

Jamie Dimon apologized after telling a group of US business leaders that JPMorgan Chase would outlast the Chinese Communist Party.

The bank chief had told the Boston College Chief Executives Club on Tuesday, “I made a joke the other day that the Communist Party is celebrating its 100th anniversary. So is JPMorgan. I bet we can hold out longer, “adding,” I can’t say that in China. They’re probably listening anyway. “

On Wednesday, the bank sought to mitigate any damage to relations with China, where JPMorgan has spent decades laying the foundation to capitalize on the country’s growing prosperity.

First, Dimon made a statement: “I am sorry and shouldn’t have made this comment. I tried to highlight the strength and longevity of our company. “

Hours later he made a second statement: “I regret my recent comment because it is never right to joke or denigrate any group of people, be it a country, its leadership, or any part of a society and culture. Speaking in this way can undermine the constructive and thoughtful dialogue in society that is needed more than ever today. “

Bonnie Glaser, China expert at the German Marshall Fund, said: “If the apology was exuberant, the Chinese Communist Party could give it up.” She added that the party’s longevity is “not an issue that China likes to draw attention to.” .

Dimon’s comments on the business forum came less than a week after making a surprising one-day visit to Hong Kong and becoming the first Wall Street bank chief to walk into Chinese territory since the pandemic began.

Executives at global companies who generate much of their sales in China tend to be reluctant to comment on Beijing. A number of overseas firms, such as HSBC and the law firm Mayer Brown, have faced backlash in China over perceived criticism.

In 2019, the Swiss bank UBS was banned from some government-sponsored Chinese deals after one of its economists made a defamation comment on “pigs in China”.

JPMorgan said Dimon acknowledged that he “should never speak lightly or disrespectfully about another country or its leadership”.

“During the discussion, Jamie made it clear that China and its people are very smart and very thoughtful,” added the bank, and that Dimon “strongly supports a constructive and detailed economic dialogue with China.”

JPMorgan has been operating in China since 1921, the same year the Communist Party was founded. Growth in China is one of the greatest opportunities for the bank and its customers, it said.

JPMorgan received approval from Chinese regulators earlier this year to operate a wholly-owned investment bank in the country, marking a milestone in foreign banks’ access to the Chinese financial sector. In addition, she operates joint ventures in the field of asset and wealth management in China.

Dimon’s visit to Hong Kong caused some dismay that the board chairman was granted a rare exception to the city’s strict quarantine rules. JPMorgan has since announced that it will compensate employees who have been quarantined up to $ 5,000.

Regarding US-China tensions, Dimon said in Hong Kong that he was “not affected by geopolitical winds” and believed that leaders would come up with “rational” solutions.


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