Index Option Calls
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Index Option Calls
No Result
View All Result
Home Latest News

What Jamie Dimon’s remarks on China could cost JPMorgan

by
November 24, 2021
in Latest News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

JPMorgan Chase CEO Jamie Dimon made an offhand remark about China yesterday (Nov. 23) he soon came to regret. “We hope to be there for a long time,” he said of the country during a panel event at the Boston College Chief Executives Club. “The Communist Party is celebrating its 100th year. So is JPMorgan. And I’ll make you a bet we last longer.”

But Dimon quickly backtracked. “I was trying to emphasize the strength and longevity of our company,” he said in a statement from JPMorgan today.

RELATED POSTS

Handling business ‘in the midst of our pain’: What it’s like working for an abortion provider now

Supreme Court allows Biden to end Trump-era ‘Remain in Mexico’ policy

The banker is well known for making off-the-cuff remarks: Back in 2017 Dimon complained about “the stupid shit we have to deal with in this country,” referring to issues affecting the financial industry in the US at the time. The stakes of these most recent comments are higher, though, as JPMorgan is currently trying to expand its presence in China.

What’s at stake for JPMorgan in China

JPMorgan stands to lose as much as $20 billion in China, according to company filings. It’s one of several Wall Street banks looking to take advantage of investment and wealth management opportunities in the world’s second-largest economy.

JPMorgan received approval in August from China’s securities regulatory commission to register for full ownership of its securities venture in the country—the first Wall Street firm to do so. Dimon said China represents “one of the largest opportunities in the world” for the bank and many of its clients.

“If a US company or bank does not have a China plan, then they are becoming less competitive globally,” says Brandon Hughes, CEO of FAO Global, a consultancy that advises clients on navigating the US and Chinese markets. He added that businesses approaching China have to operate under the assumption the Communist Party (CCP) is not going away anytime soon, and any thinking counter to that would be risky.

JPMorgan has been careful dealing with China in the past, telling staff in 2019 that the special administrative regions of Hong Kong and Macau, as well as self-governing Taiwan, should not be referred to as separate countries. But during yesterday’s panel Dimon said he didn’t see China trying to silence executives doing business in the country.

“If they start to tell you what you can say here, because you do business in China, that’s a problem,” he said. “They haven’t done it. They’re very smart, they’re very thoughtful.”

China has yet to react to Dimon’s remarks

Dimon received some criticism for his remarks on China’s Twitter-like platform, Weibo, but for now the most important player in this game—the CCP—has stayed silent on the issue. Foreign ministry spokesman Zhao Lijian declined to answer a question about Dimon during a press briefing today.

“It was an offhand remark, and he’s definitely aware of the potential impact,” Hughes says of Dimon. He said Dimon’s quick apology shows the JPMorgan executive is likely aware of how his comments “could be misconstrued.”

China is currently pursuing a crackdown on businesses both within and outside of the country that’s unlikely to let up anytime soon. A recent collapsed deal by the investment group Blackstone illustrated the potential hazards of doing business in China. While the firm’s co-founder Stephen Schwarzman was so connected to the country he was dubbed as former US president Donald Trump’s “China whisperer,” a $3 billion deal by Blackstone to buy Soho China, the property developer,  fell through in September after Chinese regulatory officials put an end to it.

Still, this crackdown seems to be targeting business elites within China more than foreign executives, Hughes adds. “China has yet to try to influence a foreign CEO or company to the extent that they’re trying to maintain stability and control over Chinese net-worth individuals and CEOs,” he says.

ShareTweetPin

Related Posts

Handling business ‘in the midst of our pain’: What it’s like working for an abortion provider now

by
June 30, 2022
0

When Kawanna Shannon saw the news Friday morning that the Supreme Court overturned Roe v. Wade, ending 50 years of...

Supreme Court allows Biden to end Trump-era ‘Remain in Mexico’ policy

by
June 30, 2022
0

US Border Patrol agents check and search migrants from Guatemala after they turned themselves over to authorities at the US-Mexico...

Biden calls on Congress to ease Senate rules to codify Roe v. Wade

by
June 30, 2022
0

A person holds a sign reading "Codify Roe v. Wade" as abortion rights activists protest after the overturning of Roe...

GOP megadonors turn on Trump after Jan. 6 hearings, look to DeSantis, Pence, other 2024 hopefuls

by
June 30, 2022
0

A video of former U.S. President Donald Trump from his January 6th Rose Garden statement is played as Cassidy Hutchinson,...

Supreme Court limits EPA’s authority to set climate standards for power plants

by
June 30, 2022
0

A view of the backside of the U.S. Supreme Court on June 6, 2022 in Washington, DC. According to media...

Next Post

Best trades on CNBC Wednesday: Cathie Wood on Bitcoin, Zoom Video and Tesla

Trump SPAC Financier to List Hydrogen Firm in $805 Million Deal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • A Couple Stored IRA Gold at Home. They Owe the IRS More Than $300,000.

    0 shares
    Share 0 Tweet 0
  • A California Couple Spent Eight Years Building Their Dream Retirement Home in Costa Rica

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs says buy these stocks to play Web 3.0 and the metaverse

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs picks new stocks to buy — and says these 5 have over 100% upside

    0 shares
    Share 0 Tweet 0
  • In his final warning, this stock trading wizard — who made big money in bear markets and crashes — called this market a bubble like no other

    0 shares
    Share 0 Tweet 0
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.indexoptioncalls.com
No Result
View All Result
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.indexoptioncalls.com