JPMorgan CEO Jamie Dimon threw down the gauntlet in a speech Tuesday — not less than as a joke: He stated his financial institution will outlast the Chinese Communist Party.
“I made a joke the other day that the Communist Party is celebrating its 100th year — so is JPMorgan,” Dimon stated. “I’d make a bet that we last longer.”
He acknowledged the eyebrow-raising nature of his feedback. “I can’t say that in China,” Dimon stated. “They are probably listening anyway.”
The financial institution first entered China in 1921, the identical 12 months the nation’s Communist Party was established.
He reiterated JPMorgan’s dedication to working within the nation at the same time as he acknowledged longstanding tensions with the US. He stated 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.
In August, JPMorgan was granted permission from the Chinese authorities to take full and impartial possession of its securities enterprise. It was the primary overseas financial institution to win this approval. At the time, Dimon stated, “China represents one of the largest opportunities in the world for many of our clients and for JPMorgan Chase.”
Dimon additionally addressed sizzling matters together with the US financial system and cryptocurrencies in his wide-ranging remarks Tuesday.
The hard-charging CEO stated he believes the US financial system is “booming” and expects extra financial and financial stimulus. He stated inflation worries will quickly cross as provide chain worries are ironed out.
He was much less optimistic about oil. “There are other things which are probably not that transitory … I don’t think oil prices are going down,” Dimon stated.
And Dimon was, as soon as once more, extremely skeptical on cryptocurrency.
“It is not really a currency … It is hysteria,” he stated. Dimon has made numerous headlines slamming cryptocurrencies as “worthless.”