JPMorgan chief Jamie Dimon apologizes for joke about China's Communist Party

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.

Dimon’s comments had risked jeopardizing 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 emphasize the strength and longevity of our company,” Dimon said in a statement issued by the bank.

Dimon realized immediately after he made the comment that it was a mistake, according to a source familiar with his thinking. After seeing the reaction, he decided to express regret, the source said.

In a later statement, Dimon said: “It’s never right to joke about or denigrate any group of people, whether it’s a country, its leadership, or any part of a society and culture. Speaking in that way can take away from constructive and thoughtful dialogue in society, which is needed now more than ever.”

Speaking at a Boston College series of CEO interviews on Tuesday, 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.

Beijing’s approval for JPMorgan to take full ownership of its securities business was a milestone in the opening of China’s capital markets after years of gradual moves and pressure from Washington.

Beijing sees the involvement of foreign banks as important for China’s domestic financial development, academics say. However, they add, Western companies doing business in China still need to tread carefully.

“Dimon’s apology shows the degree of deference foreign businesses have to show to the Chinese government in order to remain in its good graces and maintain access to the country’s markets,” said Eswar Prasad, a professor at Cornell University.

“I don’t think this will have any longer term consequences,” said Leland Miller, chief executive at data firm China Beige Book and an expert on China’s financial system.

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[johnstevens]

Cowardice in the face of the adversary, the very enemy of Capitalism. Reprehensible behavior on his part.

[seekfunk]

How do you criticize (unfairly) your business partners and make money out of their pocket at the same time? Have we seen international companies criticizing the US for its human rights abuses to its black population?

[yenshui]

This is about Jamie Dimon attacking China and Chia did not say anything so far, but the guest had a lot and everything to say about China. he is good at creating something from nothing.

[theMoney]

Official statement was shown for 1 second at beginning of this video. Nice editing job. Quicker than Reddit Superbowl ad.

[thetruth]

Is he actually serious? So even in an oppressive and freedomless country, it's not ok to joke about their leadership?

[TECHN]

What does Jamie Dimon care about China? Lol he should also apologize for his Bitcoin comments over the years 🤣

[hansel]

Dewardric! Where have you been?
CNBC China expert! Love the tie and shirt. Love the Tiffany lamp but the art has to go!
More Less CCP!!!!

[editorjohn]

It's ridiculous to expect companies to fight for human rights. Do we expect our neighbours, Crate and Barrel, Tesla, AMD, Bank of America to take a stand against allegations of human rights abuses? Seriously, those who voice criticism against China or Canada or America or Zimbabwe don't know how hypocritical they are. Do these hypocrites blame their neighbours or their parents for not doing anything? Nope! That's because they know that there are legal structures to deal with these problems. They will say the legal structures are weak only when their only biases and hypocrisies emerge. They will not trust the law or the judicial process or real hard evidence or lack thereof on their own whims

[小肉肉-fu]

I think Americans don't need to be overly nervous when talking about CCP. We CCP can tell what is a benign joke, and what is a malicious attack.

[小肉肉-fu]

Everything has some level double standards. For example, you don't use the same tone to exhort your neighbor's kids as your own kids.

[tanithk]

Own Papers. Other child or girl . opening intelligent cameras de surveillance. Go back to work!

[kimtan]

Mr.Dimon, I understand that you seek attention- but in future, please think before you open your mouth !