Embarrassing: JP Morgan Chief 'Begs' China For Forgiveness

Written By BlabberBuzz | Friday, 26 November 2021 16:45

JPMorgan CEO Jamie Dimon has issued two humble apologies only a day after announcing his company would outlast China's Communist regime.

Speaking at Boston College on Tuesday, Dimon quipped: "I was just in Hong Kong and I made a joke that the Communist Party is celebrating its hundredth year. So is JP Morgan. I'd make a bet we will last longer."

"I can't say that in China. They probably are listening anyway," the 65-year-old banker continued.

Though in a sign that even the King of Wall Street is wary of Beijing, he has since regretted – twice.

First, Dimon announced: "I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company."

Hours later, he went on: "I truly 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."

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"Speaking in that way can take away from constructive and thoughtful dialogue in society, which is needed now more than ever."

China's foreign ministry today announced it noted JPMorgan Chase Chief Executive Jamie Dimon's expression of regret for a comment he made regarding the nation's ruling Communist Party and announced it wished the media would stop "hyping" the matter.

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 WATCH: IF THIS STRAW POLL SAYS ANYTHING IT IS BYE BYE LIZ CHENEYbell_image

"I noted the reports about how the individual involved has sincerely reflected. I think this is the right attitude. I hope the media involved will stop hyping this issue," foreign ministry spokesman Zhao Lijian told a regular daily briefing in response to a question.

The Dimon comment has been a hot topic in Hong Kong's financial circles, with bankers surprised the JPMorgan boss would make the remarks given the sensitivities of dealing with China.

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His announcements had risked jeopardizing JPMorgan's growth goals in China where it won regulatory approval in August to grow to be the first full foreign owner of a securities brokerage in the nation.

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China experts in the United States, though, announced that Dimon's quick apology should ensure no serious damage was done to the bank's long-term ambitions.

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China specialist Robert Lawrence Kuhn told CNN: "[Dimon] was afraid of the reaction in China, he's seen precedent in the past."

"This sounds like a trivial matter and one we can all smile at but it is deeply probative of at least three points: one is the common assumption that the Chinese people do not like the Communist Party-led government which is not true the large majority support the party granted they recognize the problems."

"But they've seen a 50-fold increase of GDP per capita, 800 plus million people brought out of poverty, more high speed rail than the rest of the world put together, China respected. So they are very pleased with the government even though there are problems."

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