The head of JPMorgan laments that the bank will outlast the Chinese Communist Party
JP Morgan chief Jamie Dimon apologized after saying his Wall Street bank would outlast the Chinese Communist Party. Comments at an event in the US have angered China, with experts warning they could jeopardize the country’s ambitions. Mr Damon said, “I am sorry and should not have made that comment” in a statement released on Wednesday.
He added that he was just trying to emphasize the “strength” of the bank.
Scientists suggest that a swift apology is aimed at limiting the consequences. In August, JP Morgan received approval to become the first full foreign owner of a stockbroking firm in China.
“I’m sure we’ll last longer.”
Mr Dimon made his first remarks Tuesday at Boston College. Where he participated in a series of interviews with the CEO. “I’ll bet we can last longer,” he said at the event.
“I can’t say that in China. But they may still be listening,” he added.
This sparked a swift response, with Hu Xijin, editor of the government-sponsored Global Times, saying on Twitter, “Think long term! And I believe the CCP will survive in the United States.”
At a press conference on Wednesday, Chinese Foreign Ministry spokesman Zhao Lijiang said, “Why a publicity stunt with some impressive comments?” Damon apologized on Wednesday and said, “I apologize for your recent comments because it is never right to joke or demean a group of people. Be it a country, its leadership or any part of society and culture.
“Speaking in this way can deprive society of the constructive and thoughtful dialogue that is needed now more than ever.”Can western brands in China bounce back after the backlash? UBS economist reinstated after comments about “pigs” in China.
Global executives tend to choose their words wisely when it comes to China, where overseas companies occasionally receive feedback about alleged abuses. Swiss bank UBS got into trouble in 2019 after statements by one of its top economists. About food inflation and swine fever were interpreted as racist slander.
He was ousted for three months and UBS lost a lucrative financial deal with a government-sponsored client. Earlier this year, Swedish fashion giants H&M and US-based Nike faced opposition from Chinese state media. And e-commerce platforms after voicing concerns over allegations of forced labor in Xinjiang.
“Dimon’s apology shows the respect foreign companies must show the Chinese government to maintain good faith and access the country’s market,” he said.