JPMorgan CEO Jamie Dimon regrets joke about China’s Communist Party
- The chief executive had remarked in an interview that his Wall Street bank would last longer than the CCP
- US banks have identified China as a major growth opportunity, and executives normally go to great lengths to ensure that they do not upset Chinese authorities
JPMorgan Chase Chief Executive Jamie Dimon said on Wednesday he regretted his remarks that the Wall Street bank would last longer than China’s Communist Party, moving quickly to avoid any longer-term fallout.
Speaking at a Boston College series of CEO interviews on a day earlier, Dimon said: “I made a joke the other day that the Communist Party is celebrating its 100th year – so is JPMorgan. I’d make a bet that we last longer.”
“I can’t say that in China. They are probably listening anyway,” he added.
The comments had risked jeopardising JPMorgan’s growth ambitions in China where it won regulatory approval in August to become the first full foreign owner of a securities brokerage in the country. China experts in the United States said his quick apology should ensure no serious damage was done.
“I regret and should not have made that comment. I was trying to emphasise the strength and longevity of our company,” Dimon said in a statement issued by the bank.
