JPMorgan to outlast Chinese Communist Party: jokes Jamie Dimon
Nov 24, 2021
Hong Kong, November 24 : JPMorgan CEO Jamie Dimon, whose company gained certain privileges in China in recent years, joked about his firm outlasting the country's powerful political machine, said a news report.
Recently at an event in Boston, on Tuesday, Jamie Dimon mentioned that he "made a joke" during a recent trip to Hong Kong, with regard to the ruling Chinese Communist Party's 100th anniversary, reported CNN.
CNN quoted Dimon as saying, "The Communist Party is celebrating its 100th year. So is JPMorgan. And I'll make a bet we last longer."
JPMorgan, this year got approval from regulators to assume full ownership of its China securities venture. It signifies China's emerging inclination towards international businesses.
Dimon further stated, "one of the largest opportunities in the world for many of our clients and for JPMorgan Chase," referring to China, reported CNN.
Due to JPMorgan's size of business in Hong Kong, Dimon, last week on his trip to Hong Kong was allowed to evade one of the world's longest quarantines.
Talking about the trip to Hong Kong, Dimon said, "Obviously, I don't have freedom of speech in China ... like I have in Hong Kong. I don't have it in Hong Kong anymore either," reported CNN.
At the Boston event on Tuesday, Dimon talked on a number of topics including the US and China. CNN quoted Dimon as saying, "We have the gifts of our founding fathers: freedom of speech, freedom of religion, freedom of enterprise, freedom of human capital, immigration. If you opened up the doors of America, a billion people would come here. If you open the doors to China, how many people do you think will go there?"
"And I'm not saying this to be angry to China. I think they have done a better job managing that country than we would have done at managing that country. They are very smart. 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," "JPMorgan can't go to a country, and go in and out every time we like or don't like something the government's doing. Hell, I'd leave America, wouldn't I?" added CNN.
