JP Morgan's Dimon retracts Chinese Communist party jibe
By Sean Farrell
Date: Wednesday 24 Nov 2021
(Sharecast News) - JP Morgan boss Jamie Dimon has expressed regret for saying his bank would outlast the Chinese Communist party.
Dimon told a business forum on Tuesday that JP Morgan and China's ruling party were both celebrating their 100th year and that "I'll make a bet that we last longer. I can't say that in China. They are probably listening anyway."
His remark was reported and on Wednesday he issued a statement saying: "I regret and should not have made that comment. I was trying to emphasise the strength and longevity of our company."
JP Morgan said Dimon knew he should not "speak lightly or disrespectfully about another country or its leadership", the Financial Times reported.
America's biggest bank has operated in China since 1921, the same year China's Communist party was established. In 2021 JP Morgan won approval to run a wholly owned investment bank in China and has said the country is a big opportunity for the company and its clients.
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