JPMorgan CEO Jamie Dimon lashed out in a speech on Tuesday — at least as a joke: He said his bank would overtake the Chinese Communist Party.
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“I joked that day that the Communist Party was celebrating its 100th year – so is JPMorgan,” Dimon said. “I’ll make a bet that we last longer.”
He acknowledged the eyebrow-raising nature of his comments. “I can’t say that in China,” Dimon said. “They’re probably listening anyway.”
The bank first entered China in 1921, the same year the country’s Communist Party was founded.
He reiterated JPMorgan’s commitment to working in the country, even as he acknowledged longstanding tensions with the US. He said issues such as unfair trade practices should have been addressed first – but JPMorgan cannot break trade ties with a country just because it disagrees with a policy.
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In August, JPMorgan was granted permission from the Chinese government to take full and independent ownership of its securities business. It was the first foreign bank to get this approval. At the time, Dimon said, “China represented one of the biggest opportunities in the world for many of our customers and JPMorgan Chase.”
Dimon also addressed hot topics, including the US economy and cryptocurrencies, in his broad remarks on Tuesday.
The hard-charging CEO said he believes the US economy is “booming” and expects more monetary and fiscal stimulus. He added that inflation concerns will soon go away as supply chain concerns will go away.
He was less optimistic about oil. “There are other things that are probably not that fleeting… I don’t think oil prices are going to go down,” Dimon said.
And Dimon, once again, was highly skeptical of cryptocurrency.
“It’s not really a currency … it’s frenzy,” he said. Dimon has made countless headlines for describing cryptocurrencies as “useless”.