JPMorgan chief jokes that bank will hold out in China longer than CCP

17:07, 24 November 2021
JPMorgan chief jokes that bank will hold out in China longer than CCP Photo: Dong Fang /

Jamie Dimon, chief executive officer of JPMorgan Chase & Co, joked that the bank is likely to hold out in China longer than the Chinese Communist Party.

JPMorgan has been operating in the country since 1921 when the Chinese Communist Party was founded.

"The Communist Party is celebrating its 100th year. So is JPMorgan, and I'll make a bet we last longer. But, I can't say that in China, they probably are listening anyway," Dimon sarcastically said during a panel discussion at the Boston College Chief Executives Club event.

Dimon earlier said that the Chinese market presents tremendous opportunities for the bank and its clients. This year, JPMorgan received permission from the PRC to take full control of its Chinese joint venture in asset management.

JPMorgan’s boss used to call China one of the largest opportunities in the world for many of our clients and for JPMorgan Chase.

"We're in Russia. We're in Pakistan. We're in Egypt. You know? And we're there for the people of the country. We've been very consistent, we hope to be there for a long time," he added.

Bloomberg sources reported that the JPMorgan government liaison team is discussing Dimon's joke with Chinese officials, trying to explain it by the head of the bank's desire to emphasize the long tenure in the PRC, rather than criticize the Communist Party.