Business

JPMorgan hopes Jamie Dimon’s Chinese jokes aren’t expensive

JPMorgan Chase & Co. Jamie Dimon, the chief of the company, soon realized that a joke about China could put him in hot water.

“I was just in Hong Kong. I joked that the Communist Party is celebrating its 100th anniversary. So is JPMorgan. And we bet you that we will last longer.” He said at an event in Boston on Tuesday. Then he added: Anyway they are probably listening. “

Jamie Dimon made a brief apology for his remarks.credit:Bloomberg

Dimon, who didn’t know it was ridiculous, knew that banks needed to withdraw in a hurry. Soon, the company’s government team and members of the China office were locked in to discuss the statements and decide whether to admit them or lie to them. Approximately 18 hours later, Dimon issued a statement of regret when it became clear that the comments were gaining worldwide attention.

“Hundreds of individuals, companies and organizations apologize for hurt the CCP’s sentiment,” said Isaac Stone Fish, founder of Strategy Risks, which specializes in business relationships with China. The way Dimon said he regrets his comment is “a smarter way to do that.”

Dimon’s remarks made during his visit to Boston College’s CEO club have been on numerous domestic and international trips as JP Morgan’s CEO continues to promote the U.S. economic boom. it is continuing. push. However, his recent travel efforts were somewhat problematic. The quarantine exemption he obtained during his visit to Hong Kong, and the exemption given to actress Nicole Kidman, has attracted a lot of local criticism.

Loading

Now he has to downplay Boston’s comments – and it’s not the first time. Dimon has a history of provocative remarks that he was forced to leave. In 2018, he vowed at a charity event that he could beat Donald Trump in the election because he was smarter than the president, but a few hours later he said he shouldn’t have said that. ..

Dimon’s pride and apology is that Goldman Sachs is doing “God’s work” a few years ago, another Wall Street CEO who is a major shareholder of Lloyd Blankfein’s joke JP Morgan. Reminded me. Bank bosses tried to take on their witty lives, said an executive who asked for anonymity so as not to confuse his name. As Blankfine did, Dimon is likely to pass through fallout, but distractions will not be welcomed, executives said.

mea culpa emphasizes JP Morgan’s desire to maintain a heartfelt relationship in China, where JP Morgan has nearly $ 20 billion ($ 27.8 billion) exposure and has the ambition to expand further. .. Earlier this year, banks received approval from Chinese regulators to fully own a Chinese securities venture, especially for further licensing requests ahead of the party’s key leadership changes expected next year. We want to maintain a good position in the country.

JPMorgan hopes Jamie Dimon’s Chinese jokes aren’t expensive

Source link JPMorgan hopes Jamie Dimon’s Chinese jokes aren’t expensive

Related Articles

Back to top button