Jamie Dimon, the outspoken CEO of JP Morgan, celebrated the fact that the US bank’s Chinese subsidiary had lost a stake in the Beijing government – the first among foreign banks – with a grace which may have negative repercussions for sensitive Chinese ears.
According to the “Financial Times” on Wednesday, Dimon alluded to a forum of US executives in Boston on Tuesday, to the fact that the Chinese JP Morgan was created in 1921, the year of the founding of the Chinese Communist Party.
“I made a joke the other day about the fact that the Chinese Communist Party is celebrating its 100th anniversary. JP Morgan too. I bet we’ll last longer (…) I can’t say this in China. But they must be hearing this anyway.“, said Dimon, in a joke that can be risky, as the recent case of UBS proves.
The British newspaper recalls that the Swiss bank was turned away from a debt issue by the Chinese state-owned railway company after the institution’s chief economist said in 2019 that the rise in the rate of Chinese inflation at the time was due to illnesses of the ” Chinese pigs” – something that was interpreted not literally (swine diseases drove up the price of meat), but figuratively by the Middle Kingdom tabloids, who rode this supposed insult.
“I made a joke the other day about the fact that the Chinese Communist Party is celebrating its 100th anniversary. So is JP Morgan. I bet we’ll last longer (…) I can’t say this in China. Anyway”
Jamie Dimon, CEO of JP Morgan
The paper recalls that Dimon was the first foreign bank leader to go to China since the start of the pandemic, having been excluded from strict quarantine requirements on his trip to Hong Kong a week ago.