JPMorgan CEO walks back joke about Chinese Communist Party

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JPMorgan CEO Jamie Dimon on Wednesday hit back at recent criticism of the Chinese Communist Party, saying he regretted that the bank would overthrow the party in China.

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Running news: Speaking Tuesday at Boston College’s Chief Executives Club, Dimon noted that both JPMorgan’s Chinese operations and CCP were celebrating their 100th anniversary in 2021 and said he would bet the bank would overtake the party. bloomberg,

  • “The Communist Party is celebrating its 100th year. JP Morgan has done the same. And I’ll give you a bet we’ll be around for a long time,” Dimon recalled a joke on a recent visit to Hong Kong, according to Bloomberg. Said while doing
  • “I can’t say that in China. They’re probably listening anyway,” he said.

What are they saying: “I’m sorry and I shouldn’t have made that comment. I was trying to emphasize the strength and longevity of my company,” Dimon said in a statement released by the bank.

  • A JPMorgan spokesman said Dimon acknowledged that he “should not speak lightly or disparagingly about another country or its leadership” and “strongly supports constructive and comprehensive economic dialogue with China.”
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of note: Dimon warned last month on “Nerdshala on HBO” that global companies should be selective about the issues they publicly dive into in China, even as China’s treatment of Uighurs. In too.

  • “We do business in 100 countries,” Dimon told Nerdshala CEO Jim Vandehei. “But I’ve made it very clear: We believe in human rights. We believe in free enterprise. We believe in the capitalist system. It’s all counter to China.”

big picture: JP Morgan has been operating in China since 1921 and has branches in Beijing, Shanghai, Tianjin, Guangzhou, Chengdu, Harbin, Suzhou and Shenzhen.

  • It recently received approval from Beijing to become the first foreign owner of a securities brokerage in China. Reuters,
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go in: JPMorgan CEO Jamie Dimon on China, His Salary and Racial Equality

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