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Jamie Dimon jokes that JPMorgan will outlast China's Communist Party

Stock MarketsNov 24, 2021 12:25AM ET
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2/2 © Reuters. FILE PHOTO: Jamie Dimon, chairman & CEO of JP Morgan Chase & Co., testifies on Capitol Hill in Washington, U.S., April 10, 2019. REUTERS/Aaron P. Bernstein 2/2

By David Henry and Anshuman Daga

(Reuters) -JPMorgan Chase and Co's Chief Executive Officer Jamie Dimon joked on Tuesday that his bank would last longer than China's Communist Party.

While reiterating his bank's commitment to doing business in China, Dimon said: "I made a joke the other day that the Communist Party is celebrating its 100th year - so is JPMorgan (NYSE:JPM). I'd make a bet that we last longer."

Dimon added: "I can't say that in China. They are probably listening anyway." He was speaking as part of a Boston College series of CEO interviews.

JPMorgan has been operating in China since 1921, the same year the Communist Party was founded there.

It has branches in many Chinese cities, including Beijing, Shanghai, Shenzhen and Guangzhou.

In late 2019 the bank received approval to establish a majority-owned securities joint venture, offering brokerage, investment advisory and underwriting services.

In August, the bank won regulatory approval from Beijing to become the first full foreign owner of a securities brokerage in the country. Its other business interest in China include asset management and futures business.

Global executives typically choose their words carefully when discussing China, where foreign companies have occasionally been subject to backlash for perceived offenses.

In 2019, comments about pigs in China https://www.reuters.com/article/us-china-economy-politics-idUSKCN1TF0C8 by a senior economist at UBS, perceived by some as a racist slur, caused an outcry and prompted one Chinese firm to suspend all business ties with the Swiss bank.

BOOMING ECONOMY

In Boston, Dimon also said he expected inflation from supply chain issues will prove fleeting but that higher oil prices and wages will not go away. He anticipates a percentage point or two of the recent 5% U.S. inflation pace will fade as prices for items such as used cars and lumber stop rising.

"There are other things which are probably not that transitory," Dimon said. "I don't think oil prices are going down."

Dimon estimated there is about a one-third chance that inflation would be slight enough to bring on moderate increases in market interest rates that do not push the economy into recession.

There's an equal chance that inflation will pick up and push the Federal Reserve to withdraw support for the economy, perhaps causing a mild recession, he said.

Dimon described the U.S. economy as "booming."

"Consumers and businesses are in good financial shape and there is still more monetary and fiscal stimulus coming," he said.

Asked about cryptocurrencies, Dimon repeated prior warnings to buyers.

"It is not really a currency," Dimon said, calling them "crypto tokens" with no intrinsic value that have run up in price on speculation fueled by government stimulus payments.

"It is hysteria," he said.

Jamie Dimon jokes that JPMorgan will outlast China's Communist Party
 

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Comments (6)
divad mocihc
9divaD Nov 24, 2021 1:25AM ET
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That’s d9’s job … paid propandist … I want proof that wong again is not employed by ch!coms
David David
David9 Nov 24, 2021 1:25AM ET
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braaaahahhhaaa... long time no see you...
Ac Tektrader
Ac Tektrader Nov 24, 2021 1:12AM ET
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lesko is back, and still hating american democracy.
Ac Tektrader
Ac Tektrader Nov 24, 2021 1:08AM ET
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it's not the Democrats to be feared. it's the far right Republicans in and out of Congress that supported attempts by Trump to destroy American Democracy.
Ac Tektrader
Ac Tektrader Nov 24, 2021 1:03AM ET
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david 9... still doing the work of the despots in Peking.... China needs to be taught a lesson for the crimes it has committed.
David David
David9 Nov 24, 2021 1:03AM ET
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Please tell us what crimes and give concrete proofs... without that it's all he said she said...
Darren Caris
Darren Caris Nov 23, 2021 10:49PM ET
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Time to retire. too leftist. next ceo us a woke appointment. stock is a problem
David David
David9 Nov 23, 2021 9:30PM ET
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Braahahahaa... this guy never travel outside of US... he doesn't understand the new world...
 
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