JPMorgan: The Boss says he regrets that the bank won’t outlast China’s Communist Party

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Jamie Dimon from JP Morgan has apologized for claiming that the Wall Street bank he managed would last longer than China’s Communist Party.

These comments were made during a US conference and caused anger in China. Experts warned that they could threaten the bank’s future ambitions.

A statement was issued Wednesday by Mr Dimon, which stated: “I regret making that comment”

He said he wasn’t trying to diminish the strength of the bank.

The quick apology, according to experts, was meant to limit the negative consequences.

JP Morgan was approved by China to be the first foreign full owner of a brokerage that deals in securities.

“I believe we’ll last longer.”

On Tuesday night, Dimon gave his first remarks to Boston College. He was there taking part in interviews with top executives.

He joked that the Communist Party was celebrating 100 years – JPMorgan also is.

He said, “I would make a wager that we live longer”, to the audience. He said, “I cannot say that in China. “They are probably listening anyway,” added he.

Hu Xijin was appointed editor of the state-backed Global Times newspaper. Say it on Twitter: “Think long-term! The CPC is my bet [Chinese Communist Party]The USA will be outlasted.”

At a press conference, Zhao Lijian (Chinese foreign ministry spokesperson) stated that the “publicity stunt” was accompanied by grandstanding comments.

‘I regret my comment’

Dimon apologized on Wednesday for his comments.

This can hinder constructive, thoughtful and productive dialogue that is so vital in today’s society.

  • Can Western brands recover in China after backlash?
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China is a country where global executives are careful about what they say. However, foreign companies can sometimes be subject to backlash because of perceived violations.

After a comment by a senior economist at Swiss bank UBS about food inflation, swine flu and other issues in the economy, it was misinterpreted as racist.

His suspension lasted for three months, and UBS was unable to secure a lucrative contract with state-backed clients.

Earlier this year, Swedish fashion giant H&M and US-based Nike faced pushback from Chinese state media and ecommerce platforms after expressing concern about allegations of forced labour in Xinjiang.

Eswar Prasad is a Cornell University professor who said that Mr Dimon’s quick apology was intended to minimize any damages.

“Dimon’s apologize shows the deference foreign business must show the Chinese government to maintain good relations and access to its markets,” he stated.



Source: BBC.com

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