JP Morgan boss ‘regrets’ China communist party joke
The boss of JP Morgan has apologised for predicting the Wall Street bank would outlive China’s Communist party, saying he regrets the comment, made less than 24 hours earlier.
Speaking at an event in Boston, Jamie Dimon referred to the fact that the bank began operating in China in 1921, the same year as the Communist party. “I made a joke the other day that the Communist party is celebrating its 100th year – so is JP Morgan. I’d make a bet that we last longer,” he said. “I can’t say that in China,” he added. “They are probably listening anyway.”
JP Morgan issued a statement yesterday in which Dimon apologised. “I regret and should not have made that comment,” he said. “I was trying to emphasise the strength and longevity of our company.”
Dimon risked incurring the wrath of Beijing a week after he was allowed to skip Hong Kong’s strict 21-day hotel quarantine rules during a 32-hour trip there, the first visit by a Wall Street bank boss to China since the start of the pandemic.
In September 2018, Dimon said he could beat Donald Trump in a campaign. He put this down to being more intelligent and having earned his wealth rather than inherited it. An hour later he said he shouldn’t have made the comments and that he may not be such a good politician after all.