Business

Jamie Dimon says JPMorgan will outlast the Chinese Communist Party

Jamie Dimon, the chief executive of JPMorgan Chase, joked that the Wall Street Bank would outlast China’s Communist Party, while reiterating his commitment to expansion in the country.

“I joked the other day that the Communist Party was celebrating its 100th anniversary. So does JPMorgan. I’ll bet we’ll last longer,” he said Tuesday, speaking at the Boston College Executives Club, a business forum.

“I cannot say that in China. They might be listening anyway,” said Dimon, who is also the chairman of JPMorgan.

Leaders of global businesses that depend on operations in China for a large portion of their revenue are often cautious when commenting on Beijing. Some foreign companies such as HSBC and law firms Mayer Brown has faced backlash in China over perceived criticism.

In 2019, Swiss bank UBS was excluded from a number of Chinese state-backed transactions after one of its economists made a comment about “pig in China“Consider it a babble.

Dimon gives advice less than a week after he made a one-day surprise visit to Hong Kong, becoming the first Wall Street banker to visit the Chinese territory since the start of the pandemic.

JPMorgan has been active in China since 1921, the same year the communist party was founded. Growth in China is said to be one of the biggest opportunities for banks and their clients.

Earlier this year, JPMorgan won approval from Chinese regulators to operate a wholly-owned investment bank in the country, which is a pivotal time for foreign banks. access to China’s financial sector. It also operates property and asset management ventures in China.

A person close to the bank said Dimon, who has run JPMorgan since 2005 and is one of the most outspoken figures on Wall Street, “tried to emphasize the longevity and strength of JPMorgan” rather than criticize the Communist Party. The bank declined to comment on the executive’s remarks.

Dimon’s visit to Hong Kong surprised some that the chief executive received a rare exemption from the city’s strict quarantine rules. JPMorgan has since said it would compensate employees subject to quarantine up to $5,000.

Referring to tensions between the US and China, Dimon said in Hong Kong that he is “unaffected by geopolitical winds” and that he believes world leaders will find “reasonable” solutions. “.

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