Bank chief edges it with CCP joke

Top News | REUTERS 25 Nov 2021

JPMorgan Chase chief executive Jamie Dimon has joked that his bank would last longer than the Chinese Communist Party.

While reiterating his bank's commitment to doing business in China, 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."

Dimon added: "I can't say that in China. They are probably listening anyway." He was speaking as part of a Boston College series of CEO interviews.

JPMorgan has been operating in China since 1921, the same year the Communist Party was founded there.

It has branches in many mainland cities, including Beijing, Shanghai, Shenzhen and Guangzhou.

In late 2019 it received approval to establish a majority-owned securities joint venture, offering brokerage, investment advisory and underwriting services.

In August, it won regulatory approval to become the first full foreign owner of a securities brokerage in China. Its other interests in China include asset management and futures business.

Global executives typically choose their words carefully when discussing China, where foreign companies have occasionally been subject to backlash for perceived offenses.

In 2019, comments about pigs in China by a senior economist at UBS, perceived by some as a racist slur, caused an outcry and prompted one Chinese firm to suspend all business ties with the Swiss bank.

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