Sumary of Jamie Dimon says he regrets comment on JPMorgan outlasting China Communist Party:
- Co, however, said on Wednesday that it continues to hoard cash, expecting rates to move higher as Chief Executive Jamie Dimon predicts.
- (Image: Wikimedia Commons) JPMorgan Chase Chief Executive Jamie Dimon said he regretted his remarks that the Wall Street bank would last longer than China’s Communist Party (CPC), moving quickly to avoid any longer-term fallout.
- Dimon’s comments had risked jeopardizing JPMorgan’s growth ambitions in China where it won regulatory approval in August to become the first full foreign owner of a securities brokerage in the country.
- China experts in the United States said his quick apology should ensure no serious damage was done.
- I was trying to emphasize the strength and longevity of our company,” Dimon said in a statement issued by the bank.
- Dimon realized immediately after he made the comment that it was a mistake, according to a source familiar with his thinking.
- In a later statement, 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.
- “Speaking at a Boston College series of CEO interviews on Tuesday, Dimon said: “I made a joke the other day that the Communist Party is celebrating its 100th year – so is JPMorgan.