{"id":1051669,"date":"2021-11-24T11:13:37","date_gmt":"2021-11-24T16:13:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1051669"},"modified":"2021-11-24T11:13:40","modified_gmt":"2021-11-24T16:13:40","slug":"jpmorgan-chase-ceo-kowtows-to-chinas-communist-party-after-joking-bank-would-outlast-party","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jpmorgan-chase-ceo-kowtows-to-chinas-communist-party-after-joking-bank-would-outlast-party\/","title":{"rendered":"JPMorgan Chase CEO Kowtows to China&#039;s Communist Party After Joking Bank Would Outlast Party"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjpmorgan-chase-ceo-kowtows-to-chinas-communist-party-after-joking-bank-would-outlast-party%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1051669&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/JP-Morgan-640x335-1.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p class=\"subheading\">J.P. Morgan Chase chief Jamie Dimon issued an apology to China\u2019s Communist Party Wednesday.<\/p>\n<p>\u201cI regret and should not have made that comment,\u201d Dimon said in a statement issued by the bank Wednesday morning. \u201cI was trying to emphasize the strength and longevity of our company.\u201d<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>J.P. Morgan Chase is the largest U.S. bank by assets, with over $3.6 trillion. Dimon is one of the longest-serving chief executives on Wall Street and the longest-serving chief o America\u2019s largest banks. He is often outspoken about economics and politics but crossing China\u2019s Communist Party was apparently a step too far.<\/p>\n<p>The apology follows remarks Dimon made the night before at the Boston College Chief Executives Club. Dimon had been talking about his bank\u2019s attempts to expand its business footprint in China.<\/p>\n<p>\u201cWe hope to be there for a long time,\u201d Dimon said-. \u201cThe Communist Party is celebrating its 100th year. So is JPMorgan. And I\u2019ll make you a bet we last longer.\u201d<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>This prompted backlash from Chinese Communist Party officials. Overnight the bank\u2019s government relations team huddled with its China team to do damage repair.<\/p>\n<p>There was fear inside the companies that Dimon\u2019s remarks could cause trouble for the bank\u2019s efforts to expand in China. Earlier this year, JPMorgan won approval&nbsp; to fully own its China securities business, a rare license in a country where foreign companies are typically required to partner with domestic, state-linked firms.<\/p>\n<p>Asked for comment at a regular press briefing on Wednesday, Chinese Foreign Ministry Spokesman Zhao Lijian accused Dimon of seeking attention at the expense of China.<\/p>\n<p>\u201cIs it really necessary to cite such remarks that are merely to attract people\u2019s attention?\u201d Zhao said.<\/p>\n<p>Hu Xijin, editor-in-chief of the Communist Party\u2019s <em>Global Times<\/em> newspaper, posted on his extremely popular Weibo account: \u201cI bet the Chinese Communist Party will outlast the United States of America.\u201d<\/p>\n<p>Hu is not expected to apologize for that remark.<\/p>\n<p>A lecturer at Fudan University with more than one million followers appeared to highlight the notion that Dimon\u2019s remarks could threaten its license to operate independently: \u201cLooks like JPMorgan doesn\u2019t want its newly acquired license.\u201d&nbsp; He also said that Dimon was \u201cquite arrogant.\u201d<\/p>\n<p>China\u2019s enormous population and relatively underdeveloped financial sector have long proved an irresistible attraction to U.S. banks and financial services companies. Often, however, attempts to expand into China have ended in retreat for U.S. firms when state-linked Chinese companies step into a sector or muscle out U.S. partners, often using techniques and know-how learned from the U.S. companies. Quite regularly, Chinese firms displacing U.S. firms are staffed by employees who formerly worked for U.S. companies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>J.P. Morgan Chase chief Jamie Dimon issued an apology to China\u2019s Communist Party Wednesday. \u201cI regret and should not have made that comment,\u201d Dimon said in a statement issued by &#8230;<\/p>\n","protected":false},"author":11,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1051669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1051669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1051669"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1051669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1051669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1051669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1051669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}