JPMorgan CEO regrets Chinese Communist Party joke

JPMorgan CEO regrets Chinese Communist Party joke

“The Communist Party is celebrating its 100th year. So is JPMorgan,” he said, referring to the bank’s recent celebration of a century of operation in China. “And I’ll make a bet we last longer.”

Jamie Dimon is attempting to take back a joke about China and its amazing political machine. Speaking at an event in Boston on Tuesday, the JPMorgan CEO said he “made a joke” during a recent trip to Hong Kong, referring to the ruling Chinese Communist Party’s 100th anniversary. The comments were an uncommon display of candor from a senior business chief with regards to the authority of the world’s second biggest economy, which has been taking action against private venture over the past year. America’s greatest bank has made critical inroads in China lately, where it has enjoyed certain privileges.

“I can’t say that in China,” Dimon added with a chuckle. “They probably are listening anyway.”

But in a statement Wednesday, Dimon walked it back.

“I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company,” he said.

A JPMorgan spokesperson said the bank was committed to China and that Dimon had made clear during the discussion in Boston that “China and its people are very smart and very thoughtful.”

“Dimon acknowledges that he should never speak lightly or disrespectfully about another country or its leadership,” the spokesperson added.

Earlier this year, the lender won approval from regulators to assume full ownership of its China securities venture, a sign that the country was further opening up to international businesses.

In a statement at the time, Dimon called China “one of the largest opportunities in the world for many of our clients and for JPMorgan Chase.” Last week, Dimon also made headlines on his trip to Hong Kong, where he was granted a special government exemption to skip one of the world’s longest quarantines.

Hong Kong leader Carrie Lam said the executive received special permission in the interest of “Hong Kong’s economy,” citing the size of the bank’s business in the city, which is home to its regional headquarters. Dimon cited that trip on Tuesday, saying, “Obviously, I don’t have freedom of speech in China … like I have in Hong Kong. I don’t have it in Hong Kong anymore either.” He did not elaborate further.

The American CEO was speaking at Boston College, where he gave a wide-ranging talk on the United States, China and other topics. At one point, Dimon compared the political and economic approaches in both countries, saying that in the United States, “we have the gifts of our founding fathers: freedom of speech, freedom of religion, freedom of enterprise, freedom of human capital, immigration.”

“If you opened up the doors of America, a billion people would come here. If you open the doors to China, how many people do you think will go there?” he said. “[An] autocratic … economy doesn’t work particularly well as a country gets much more sophisticated. And I’m not saying this to be angry to China. I think they have done a better job managing that country than we would have done at managing that country. They are very smart.”

Dimon also dismissed criticism that JPMorgan “shouldn’t do business in China” because of opposition to some of its policies. “We’re in Russia. We’re in Pakistan. We’re in Egypt. You know? And we’re there for the people of the country. We’ve been very consistent, we hope to be there for a long time,” he said.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Nominations for “The Outstanding Story-Rich Game” Award for Sherlock Holmes Chapter One
Nominations for “The Outstanding Story-Rich Game” Award for Sherlock Holmes Chapter One
“We are grateful to our ever-growing community for the continuing support!” said Sherlock Holmes Games in a tweet on November 27, 2021 at 3:07 PM CET. We ...
Digital multitasking can be harmful to a child’s mental health, study warns
Digital multitasking can be harmful to a child’s mental health, study warns
Could technology slow early child development? (iStock) “In contrast to total media time, media multitasking is associated with more frequent ...
Morocco interrupts all inbound flights because of the virus variant
Morocco interrupts all inbound flights because of the virus variant
The kingdom in North Africa has had among Africa’s highest rates of confirmed infections but also is at the forefront of the continent’s vaccination effort, ...
The Crypto Daily - Movers and Shakers - April 2, 2021
Honduran elections could bring down the long-running National Party
Julio Cesar Nieto, a 62-year-old retiree from the judicial system, said he hoped the political parties would act responsibly and recognize a winner to avoid ...
The Springfield Planning Board has approved modifications to cell phone towers
The Springfield Planning Board has approved modifications to cell phone towers
“T-Mobile has 10 antennas up on the tower right now at a height of 150 feet. The tower is existing at 158 1/2 feet,” Ferraro said during the meeting. “In ...
Project Finance Summary: Queequeg Secures Financing for 500 MW of UK Solar Portfolio
Project Finance Summary: Queequeg Secures Financing for 500 MW of UK Solar Portfolio
OX2, a renewable energy company that develops, finance, and manages large-scale solar and wind projects, acquired the rights to two solar projects totaling 45 ...
Cyber ​​Offers ​​Monday on OnePlus 9 in 2021
Cyber ​​Offers ​​Monday on OnePlus 9 in 2021
In our OnePlus 9 review, during testing, we were impressed by the phone’s fantastic performance. We also loved its bright, vivid 120Hz display and battery ...
Hacking and ransomware serve as a wake-up call for the city - Palo Alto Daily Post
Hacking and ransomware serve as a wake-up call for the city – Palo Alto Daily Post
According to Atit Shah of Baker Tilly, a major accounting and advising firm that is working as Palo Alto’s municipal auditor, universities and tech companies ...
If it's snowing, you can iPhone Notify you of this?
If it’s snowing, you can iPhone Notify you of this?
Here’s how to do it: The latest version version of its mobile operating system that launched in September is the change that was made as part of Apple’s ...
QAnon is a “Disinformation Campaign” and “Total Nonsense,” according to Michael Flynn
QAnon is a “Disinformation Campaign” and “Total Nonsense,” according to Michael Flynn
Michael Flynn, who once filmed his family at a July 4 barbecue saying the QAnon oath, “Where we go one, we go all,” said in private that the Q conspiracy ...
Show next
We will be happy to hear your thoughts

      Leave a reply

      Compsmag - Latest News In Tech and Business
      Logo