Jamie Dimon says JPMorgan Chase will live longer than the Chinese Communist Party

Jamie Dimon, chief executive of JPMorgan Chase, joked that Wall Street Bank will live longer than the Chinese Communist Party, while reiterating his commitment to expand in China.

“I joked the other day that the Communist Party is celebrating its 100th anniversary. The same is true of JPMorgan Chase. I bet we will last longer,” he said in a speech at the Boston College CEO Club of Business Forum on Tuesday.

“I can’t say that in China. They may be listening anyway,” said Dimon, who is also chairman of JPMorgan Chase.

Leaders of global companies that rely on operating in China for most of their revenue are generally cautious about commenting on Beijing.HSBC Bank, law firm and many other foreign-funded enterprises Mayer Brown Has been strongly opposed in China due to obvious criticism.

In 2019, an economist at UBS Bank of Switzerland (UBS)Chinese pig“This is considered a slander.

Dimon got into a joke less than a week after an unexpected day access He went to Hong Kong and became the first Wall Street bank owner to come to Chinese territory since the pandemic began.

JPMorgan Chase started doing business in China in 1921, and the Communist Party of China was established in the same year. It stated that the growth in China represented one of the biggest opportunities for the bank and its customers.

Earlier this year, JPMorgan Chase was approved by Chinese regulators to operate a wholly-owned investment bank in China. This is a milestone for foreign banks to enter the Chinese financial industry. It also operates asset and wealth management joint ventures in China.

A person close to JPMorgan Chase stated that Dimon has been managing JPMorgan Chase since 2005 and is one of the most outspoken figures on Wall Street. He “tryes to emphasize the longevity and strength of JPMorgan Chase” instead of criticizing the Communist Party. The bank declined to comment on the CEO’s remarks.

Dimon’s visit to Hong Kong caused some consternation because the chief executive was granted a rare exemption from the city’s strict quarantine regulations. JPMorgan Chase later stated that it would compensate employees who must be isolated up to $5,000.

When talking about the tensions between the United States and China, Dimon said in Hong Kong that he is “uninfluenced by geopolitical winds” and he believes that world leaders will work out a “rational” solution.

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