- Advertisement -

JPMorgan Chase & Co Chief Executive Jamie Dimon made a scathing remark about the US banking giant’s ability to topple the Communist Party of China on Tuesday after he made a whirlwind trip to the Chinese financial hub of Hong Kong on a government travel exemption.

“I was just in Hong Kong and I joked that the Communist Party was celebrating its hundredth year. So is JP Morgan. I’ll give you a bet we’ll last longer,” Mr. Dimon observed, according to a video recording . Wall Street Journal.


Get Granthshala Business on the go by clicking here

The 65-year-old banker laughed, “I can’t say that in China. They’re probably listening anyway.”

- Advertisement -

Mr. Dimon made the remarks during an event at Boston College in response to a question from the audience about doing business in China. He also addressed other sensitive issues, including the political situation in Taiwan and independence in Hong Kong, a former British colony that has come under Beijing’s tight grip. His remarks were first reported by Bloomberg.

JPMorgan’s Dimon says supply chain problems ‘won’t be a problem next year’

On Wednesday afternoon in Beijing, Chinese Foreign Ministry spokesman Zhao Lijian sidestepped a question about Mr Dimon’s remarks during a daily news conference and dismissed media reports on it as an attempt to attract readers. Gave.

“‘I was just in Hong Kong and I joked that the Communist Party was celebrating its hundredth year. So is JP Morgan. I’ll give you a bet that we live long.’ ,

– Jamie Dimon

A JPMorgan spokesperson declined to comment.

JPMorgan is trying to get a deep foothold in the world’s second largest economy. The bank was the first among Wall Street peers to get approval from Chinese regulators to take full control of securities and futures trading in the country. It is seeking 100% ownership in an asset-management joint venture, which, if approved, would make JPMorgan the first foreign bank to have wholly owned entities in China covering major financial business lines. will suit.

JPMorgan Asset Management also struck a deal to buy 10% in March China Merchants Bank The company’s attractive money-management unit.

Miami Mayor Defends Bitcoin When JPMorgan CEO Dimon Calls It ‘Useless’

Last week, the China Securities Regulatory Commission provided a response to JPMorgan’s application to take full control of its onshore asset-management business and asked 11 additional questions on the transaction, according to a statement on the commission’s website.

They included questions about how JPMorgan plans to manage cross-border data flows after gaining full control of the entity and justify the high price the US bank is paying for the stake.

The securities regulator also asked JPMorgan to correct a discrepancy between the Chinese and English versions of the bank’s filings regarding the planned deal in different currencies, its statement said. According to the regulator, JPMorgan is paying up to $1 billion for a 49% stake.

JP Morgan earnings: Profit up in third quarter

Last week Mr Dimon traveled to Hong Kong, where the New York-based bank has a large presence and about 4,000 employees. It was his first visit to the city since the start of the coronavirus pandemic, and the CEO skipped the three-week hotel quarantine that most people arriving from the US have to complete. Hong Kong Chief Executive Carrie Lam defended the government’s decision to exempt Mr Dimon, after causing controversy after his 32-hour visit.

In Boston on Tuesday, Mr Dimon said in response to a question about tensions between China and Taiwan that any action against the self-ruled island could equate to America’s costly and deadly conflict with Vietnam.

anchorthe protectionThe lastChangeChange %
JPMJPMorgan Chase & Co.168.28+3.93+2.39%

“They are very smart people. Hopefully this doesn’t become an issue,” he said.

The New York-born executive also reserved a punchline for her country. “They now see us as an incompetent nation,” Mr. Dimon said, referring to China’s view of the US, “America can’t get out of its underwear,” he said, citing the January 6 attack. said. For example, capital.

Mr Dimon also referred to former President Donald Trump. “I hate a lot of things Trump said,” he said, noting problems in areas like intellectual property and bilateral investment rights, adding that he thought Mr Trump was right about China.

“They got the support of the business community because it was time to do something about it,” he said. “But we need a very detailed strategic economic dialogue, away from foreign policy, including trade and everything else.”

“The other thing is, JP Morgan can’t go into a country and go in and out every time we like the government or don’t like it,” Mr Dimon said. “Hell, I’ll leave America, right?”

write to Elaine Yu at [email protected] and Jing Yang at [email protected]