“I regret and should not have made that comment,” Dimon said in a statement issued by the bank Wednesday morning. “I was trying to emphasize the strength and longevity of our company.”
J. P. Morgan Chase is the largest U.S. bank by assets, with over $3.6 trillion. Dimon is one of the longest-serving chief executives on Wall Street and the longest-serving chief o America’s largest banks. He is often outspoken about economics and politics but crossing China’s Communist Party was apparently a step too far.
The apology follows remarks Dimon made the night before at the Boston College Chief Executives Club. Dimon had been talking about his bank’s attempts to expand its business footprint in China.
“We hope to be there for a long time,” Dimon said-. “The Communist Party is celebrating its 100th year. So is JPMorgan. And I’ll make you a bet we last longer.”
This prompted backlash from Chinese Communist Party officials. Overnight the bank’s government relations team huddled with its China team to do damage repair.
There was fear inside the companies that Dimon’s remarks could cause trouble for the bank’s efforts to expand in China. Earlier this year, JPMorgan won approval to fully own its China securities business, a rare license in a country where foreign companies are typically required to partner with domestic, state-lin... (Read more)
Submitted 14 days ago