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Regret Over His Comment Of Bank Outlasting Chinese Communist Party Expressed By JP Morgan Chief


11/25/2021


Regret Over His Comment Of Bank Outlasting Chinese Communist Party Expressed By JP Morgan Chief
Jamie Dimon, the CEO of JP Morgan, has apologized for claiming that his Wall Street firm will outlast China's Communist Party.
 
The remarks, delivered at a US event, infuriated Chinese officials, who warned that they may jeopardize the bank's aspirations in the nation.
 
"I regret and should not have made that comment," Dimon said: in a statement issued on Wednesday.
 
He went on to say that he was merely attempting to "emphasize the bank's strength."
 
The rapid apologies, according to academics, were intended to mitigate the repercussions.
 
JP Morgan received clearance in August to become China's first complete foreign owner of a securities firm.
 
On Tuesday, Dimon delivered his initial remarks at Boston College, where he was participating in a series of interviews with CEOs.
 
"I made a joke the other day that the Communist Party is celebrating its 100th year - so is JPMorgan," he said.
 
"I'd make a bet that we last longer," he told the event. "I can't say that in China. They are probably listening anyway," he added.
 
There was a swift reaction to the comment as editor of the state-backed Global Times newspaper, Hu Xijin, said on Twitter: "Think long-term! And I bet the CPC [Chinese Communist Party] will outlast the USA."
  
"Why the publicity stunt with some grandstanding remarks?" said Chinese foreign ministry spokesman Zhao Lijian said at a news conference on Wednesday.
 
Dimon apologized and said on Wednesday: "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. Speaking in that way can take away from constructive and thoughtful dialogue in society, which is needed now more than ever."
 
When mentioning China, global leaders usually select their words carefully, since international corporations have occasionally faced blowback for perceived transgressions.
 
In 2019, Swiss firm UBS found itself in hot water when a statement made by one of its senior economists regarding food inflation and swine disease was misconstrued as a racial slur.
 
UBS lost a valuable financial deal with a state-backed customer when he was banned for three months.
 
After voicing worry over reports of forced labor in Xinjiang, Swedish fashion company H&M and US-based Nike experienced backlash from Chinese state media and e-commerce sites earlier this year.
 
Dimon's quick apologies, according to Cornell University professor Eswar Prasad, were intended to limit any harm.
 
"Dimon's apology shows the degree of deference foreign businesses have to show to the Chinese government in order to remain in its good graces and maintain access to the country's markets," he said.
 
(Source:www.businessinsider.com)