Wed. Dec 1st, 2021

JPMorgan Chase CEO Jamie Dimon joked that the Wall Street Bank would survive the Chinese Communist Party while reiterating its commitment to enlargement in the country.

“I made a joke the other day that the Communist Party is celebrating its 100th anniversary. So is JPMorgan. I will make a bet that we will last longer, ”he said on Tuesday when speaking at the Boston College Chief Executives Club, a business forum.

“I can not say that in China. They probably listen anyway, ”says Dimon, who is also chairman of JPMorgan.

Leaders of global businesses that rely on China for a large portion of the revenue are typically wary of commenting on Beijing. A number of foreign companies such as HSBC and law firm Mayer Brown experienced a setback in China over perceived criticism.

In 2019, Swiss bank UBS was excluded from some Chinese state-backed transactions after one of its economists commented on “pigs in China”Which was considered an insult.

Dimon made the joke less than a week after one day making a surprise visit to Hong Kong, and becomes the first Wall Street banker to come to Chinese territory since the start of the pandemic.

JPMorgan has been operating in China since 1921, the same year the Communist Party was founded. It said that growth in China represents one of the biggest opportunities for the bank and its customers.

Earlier this year, JPMorgan received approval from Chinese regulators to run a full-fledged investment bank in the country, which was a landmark moment for foreign banks’ access to China’s financial sector. It also operates asset and wealth management joint 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, “is trying to emphasize JPMorgan’s longevity and strength” and not criticize the Communist Party. The bank declined to comment on its CEO’s remarks.

Dimon’s visit to Hong Kong caused some consternation that the CEO received a rare exemption from the city’s strict quarantine rules. JPMorgan has since said it will compensate staff who have to quarantine up to $ 5,000.

Referring to tensions between the US and China, Dimon said in Hong Kong that he was “not thrown by geopolitical winds” and that he believed world leaders would work out “rational” solutions.

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