The CEO of JPMorgan Chase, Jamie Dimon, said that the entity would survive the Communist Party in his speech at Boston College, Massachusetts, two days ago, creating intrigue with those words that spread through the networks.
“The Communist Party is celebrating its 100th year—so is JPMorgan. I’d make a bet that we last longer,” Dimon said, adding, “I can’t say that in China,” the New York Post quoted him as saying on Nov. 24.
A few days ago, Dimon had returned from Hong Kong, where he was accorded special treatment by being exempted from complying with the mandatory health quarantine in force.
The authorities argued that Dimon had “important business” in the country. In addition, he is the first prominent Wall Street executive to visit China since the pandemic outbreak.
After uttering that comment, Dimon seemed to acknowledge the potential impact they might have, saying, “They are probably listening anyway.”
Indeed, the next day the deputy director of the Chinese Foreign Ministry’s Information Department, Zhao Lijian, downplayed Dimon’s remarks as a “publicity stunt.”
However, Dimon was quick to express his apologies and regrets to the Communist Party of China (CPC): “I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company,” he said the next day.
Moreover, he added: “I regret my recent comment because 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.”
Following this bow by Dimon, Lijian himself, responded in a daily briefing that he took the apology and considered that to be “a correct attitude.”
The senior executive’s regret goes out to protect JPMorgan’s growth prospects with the CCP. The CCP approved it in August to become the first full-fledged foreign owner of a securities brokerage firm in the country.
Likewise, the big bank is working on a deal to buy a portion of China’s Merchant Bank.
These meaningful banking relationships between the largest U.S. bank and the Chinese Communist regime come amid the major financial crisis at Chinese real estate giant Evergrande, which is reportedly being brought under control.
Evergrande was beset by debts of up to 300 billion dollars, being at risk of financial collapse, which would mean the destruction of millions of direct and indirect jobs, as well as a huge economic catastrophe for investors from several countries. However, its main creditors are Chinese banks and investors.
During the same speech, Dimon also referred to the possibility of the CCP ordering the invasion of Taiwan, considering that “it could be their Vietnam” and that it would be just “saber rattling,” according to Bloomberg.
The 65-year-old executive added: “Body bags in any country have an adverse effect at one point, particularly when the objective may be irrelevant.”
He also said, “And so I think people will be very careful about what they’re going to do, and I think it would be very painful for the Chinese to do it.”