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Monday, December 6, 2021

Jamie Dimon returns to his joke about the Chinese Communist Party.

JPMorgan Chase chief executive Jamie Dimon expressed regret on Wednesday that the bank would outlive the Chinese Communist Party.

“I am sorry and should not have made this comment,” Mr. Dimon said in a statement. “I tried to highlight the strength and longevity of our company.”

At an event at Boston College on Tuesday, Mr. Dimon conveyed a recent joke he made comparing the longevity of a multi-billion dollar bank to China’s ruling party. “The other day I joked that the Communist Party is celebrating its 100th anniversary,” he said at the event. “It’s the same with JPMorgan. I bet we can last longer. ”

He added, “I cannot say that in China. They probably listen anyway.

On Wednesday, Mr. Dimon provided additional commentary in his spokesman’s statement.

“I regret my recent comment because it is wrong to joke or denigrate any group of people, be it the country, its leadership or any part of society and culture,” said Mr. Daimon. “This approach can get away from the constructive and thoughtful dialogue in society, which is needed now more than ever.”

A bank spokesman said that Mr. Daimon, who was in Hong Kong last week, “admits that he should not speak lightly or disrespectfully about another country or its leadership.”

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Chinese companies that trade their shares in the United States are an important source of income for banks. Chinese authorities are relaxing rules, allowing US banks to expand their business in China.

In August, JPMorgan received permission from the Chinese government to fully own its investment banking and trading business in the country, a century after it first opened its store there.

But banks must take into account the uneasy relationship between the United States and China, the world’s largest economies. Last year, China was America’s largest trading partner for goods and the third largest market for US-exported goods.

China has cracked down on tech companies, including passenger delivery giant Didi, internet hub Tencent, and e-commerce giant Alibaba. Recently, questions have been raised about his response to tennis star Peng Shuai’s allegations of sexual assault by an influential former vice premier.

[Read more: Wall Street is finally getting access to China. But for how long?]

In a recent annual letter to JPMorgan Chase in May, Mr. Dimon noted the country’s growing influence in the global economy. China’s leaders believe America is in decline, ”he wrote. “Unfortunately, there has been a lot of truth in this lately.”

Lanan Nguyen contributed to this report.

World Nation News Deskhttps://www.worldnationnews.com
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