China says it notes JPMorgan chief's sincere regret over remark
Reuters
Published Nov 25, 2021 03:53AM ET
Updated Nov 25, 2021 04:55AM ET
BEIJING (Reuters) -China's foreign ministry on Thursday said it noted JPMorgan Chase (NYSE:JPM) Chief Executive Jamie Dimon's expression of regret for a remark he made about the country's ruling Communist Party and said it hoped media would stop "hyping" the issue.
On Wednesday, Dimon said he regretted his remark at an event a day earlier that the Wall Street bank would last longer than China's Communist Party (CPC), moving quickly to try to prevent any longer-term fallout.
"I noted the reports about how the individual involved has sincerely reflected. I think this is the right attitude. I hope the media involved will stop hyping this issue," foreign ministry spokesman Zhao Lijian told a regular daily briefing in response to a question.
The Dimon remark has been a hot topic in Hong Kong's financial circles with bankers surprised the JPMorgan boss would make the comments given the sensitivities of dealing with China.
China experts in the United States, however, said that Dimon's quick apology should ensure no serious damage was done to the bank's long-term ambitions.
At a Boston College series of chief executive interviews on Tuesday, 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."
"I can't say that in China. They are probably listening anyway," he said.
On Wednesday, Dimon and JPMorgan issued two statements to play down the potential fallout.
"I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company," Dimon said in a statement issued by the bank.
In a second statement issued by the bank later, Dimon said: "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."
JPMorgan has strong growth ambitions in China where it won regulatory approval in August to become the first full foreign owner of a securities brokerage. It won approval ahead of U.S. rival Goldman Sachs (NYSE:GS), which had been expected to be the first to take full ownership of a mainland securities business.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.