Regret’: JPMorgan chief rushes to stop China fallout after quip By Cathy Chan and Denise Wee November 25, 2021 JPMorgan Chase & Co. chief executive officer Jamie Dimon said he regrets making a quip that his bank is likely to outlast China’s Communist Party. “I regret and should not have made that comment,” Dimon said in a statement from the bank Wednesday. “I was trying to emphasise the strength and longevity of our company.” Jamie Dimon is one of the longest-serving and most outspoken CEOs on Wall Street.Credit:Bloomberg Dimon made the remarks on Tuesday (US time) during a talk at the Boston College Chief Executives Club, where he discussed his company’s commitment to China in wide-ranging comments. “We hope to be there for a long time,” Dimon said of China on Tuesday. He relayed a joke he made during a recent visit to Hong Kong: “The Communist Party is celebrating its 100th year. So is JPMorgan. And I’ll make you a bet we last longer.”...... You can read the rest of it here.... https://www.smh.com.au/business/com...china-fallout-after-quip-20211125-p59bx6.html
A person of that stature will not say anything that would jeopardize his position. Or maybe it's a trial balloon for "glass heart" aka "玻璃心".
Yeah we got that. Dunno why he still needed to explain what he said when everybody understood it the first time. LOL And we all hope it is true. Didn't need to apologize for something that's supposed to be true.
It wasn't smart of Dimon to say that as CEO of JPMorgan. The Chinese should have come back with humor but, seeing his apology, they likely did not. He lost face, they lost a PR win and again showed their vulnerability.
Oh shucks!! Another company that doesn't get to bend over backwards to cater to every single whim and wish of the Chinese government; another company that doesn't get to invest in China. Oh no, what are we going to do? We are going to be living on the streets soon...
So not only do you disparage those whose mother tongue isn't English when English isn't even your first language, but you also show your reading comprehension limits, as the article specifically shows that Dimon did bend over backward to apologize for his inappropriate joke for fear of losing business in China. Luckily for JPMorgan shareholders, he doesn't have you as an advisor.
His statement is neither a joke nor inappropriate. It's the truth. LOL And it's too bad that I am not JPMorgan's advisor. I would've advised them to stay as far away from China as possible. Now his statement might turn out not be true anymore because JPMorgan is going to lose their money by investing in China. So sad.
https://www.ft.com/content/e5426438-bf91-4f64-9b93-067e81925d29 Global banks have bet on ‘big bang’ in China but will it pay off? World’s biggest financial institutions hope to profit from Beijing’s move to loosen regulations after years of setbacks. Just days after sweeping into Hong Kong on a surprise visit, JPMorgan Chase chief executive Jamie Dimon was desperately trying to make amends for boasting that the US bank might outlast China’s Communist party. As well as overshadowing last week’s visit, Wednesday’s public apology underlined that the lender — and its major Wall Street and European rivals — believe they still need to work hard to chase a big prize in China. For western banks, this prize has proved to be elusive so far. Plagued by operational setbacks and prohibitive regulations that have capped investment, JPMorgan’s efforts at investment banking in China have involved large costs for meagre returns. Despite investing millions of dollars and hiring dozens of bankers, the company reported a $40m (Rmb255.5m) total loss over the past two years, according to figures reported to Chinese regulators and seen by the Financial Times. The banks are keen to cast their losses in mainland China as a necessary price to pay for a lucrative future. They also point to the fees already reaped from advising Chinese companies on listings in New York and Hong Kong — rewards that would be much harder for the banks to secure without a base on the mainland. But as Beijing threatens to put an end to that revenue stream while at the same time opening up the mainland, Wall Street is hoping its bigger bet will pay off and it can finally make some real money in China itself. “We are building for the future,” Filippo Gori, JPMorgan’s chief executive for Asia-Pacific, told the FT. “We are not worried if it takes us one year or 25.” JPMorgan is far from alone in having failed to capitalise on its investments in China. Morgan Stanley’s mainland investment bank made profits of just $160,000 in China last year and a combined $33m of losses in the two years previously. Meanwhile, Goldman Sachs — whose mainland investment bank is 15 years older than JPMorgan’s — has made profits of about $30m in total since 2018. In fact, of the seven global banks that own investment banking operations in mainland China, just three — Goldman, UBS and Deutsche Bank — have been profitable in the last three years. The businesses controlled by JPMorgan, Morgan Stanley, Credit Suisse and HSBC are all in the red....... The seven banks’ Chinese operations made a combined $140m in revenue from investment banking services in 2020, according to the figures reported to regulators. JPMorgan contributed around $600,000 of that. All of the lenders are quick to point out that the domestic reported revenue for their investment banks does not fully represent their wider China banking businesses, such as bond underwriting and advisory work that is booked through different onshore entities, in Hong Kong or elsewhere. None of them disclose total revenues for mainland China. But no matter the caveats, the numbers illustrate that — even after decades in China — global banks have far to go to capture a significant slice of the enormous domestic deals market.