JPMorgan CEO Jamie Dimon is strolling again his wisecrack that the Wall Street large he helms will outlive the Chinese Communist Party.
“The Communist Party is celebrating its 100th year — so is JPMorgan,” Dimon had mentioned in a speech at Boston College on Tuesday. “I’d make a bet that we last longer.”
At the time, Dimon acknowledged the quip may stir controversy. “I can’t say that in China,” Dimon had added. “They are probably listening anyway.”
On Wednesday morning, nevertheless, the 65-year-old banker — who had simply visited Hong Kong final week — was busy doing harm management.
“I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company,” Dimon mentioned in a press release.
“I regret my recent comment because it’s never right to joke about or denigrate any group of people, whether it’s a country, its leadership, or any part of a society and culture,” Dimon added. “Speaking in that way can take away from constructive and thoughtful dialogue in society, which is needed now more than ever.”
In a press convention Wednesday, a Chinese official, Zhao Lijian, dismissed Dimon’s joke and mentioned news publications had been merely trying to make headlines with a “publicity stunt.”
Dimon’s remarks got here simply days after the hard-charging Dimon returned from his whirlwind journey to Hong Kong, which had allowed him to skip the common quarantine necessities even because it cracks down on different guests amid an outbreak in instances.
Hong Kong officers justified the exception by saying Dimon had “important business” in the nation. He is the first main Wall Street govt to go to the nation since the outbreak of coronavirus.
JPMorgan first entered China in 1921, the similar yr the nation’s Communist Party was established. In August, the financial institution was granted permission from the Chinese authorities to take full and impartial possession of its securities enterprise. It was the first international financial institution to win this approval. JPMorgan is also engaged on a deal to purchase a bit of China Merchants Bank.
Dimon reiterated JPMorgan’s dedication to working in the nation whilst he acknowledged longstanding tensions with the US. He mentioned points like unfair commerce practices ought to’ve been addressed earlier — however added JPMorgan can’t sever enterprise ties with a rustic simply because it disagrees with a coverage.