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JPMorgan Chase may exit China if required by U.S. amid rising tensions

Published Nov 29, 2023 12:45PM ET
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Today, Jamie Dimon, CEO of JPMorgan Chase (NYSE:JPM), addressed the potential for the bank to withdraw from China if mandated by U.S. authorities. Speaking at the DealBook Summit, Dimon outlined JPMorgan's readiness to leave the Chinese market, where it has been deeply involved for over a century, should geopolitical conflicts, particularly over Taiwan, necessitate such a move.

The escalation of tensions between the U.S. and China, especially regarding Taiwan's sovereignty, has placed financial institutions like JPMorgan in a position to consider the broader implications of their international operations. Dimon emphasized the importance of maintaining a balance between engaging with both superpowers, drawing a parallel to America's solid alliances with neighboring Mexico and Canada.

JPMorgan's portfolio in China includes investment banking and advisory services to major Chinese firms such as online retailer Shein and ByteDance, the parent company of the popular social media platform TikTok. Dimon assured that the bank conducts thorough due diligence to ensure it does not partner with entities involved in unethical practices.

The JPMorgan CEO also highlighted the potential global disruption that could result from a conflict involving Taiwan. He noted that while the bank has a significant history and presence in China, it would not hesitate to comply with U.S. directives if the geopolitical situation worsens, underscoring the firm's commitment to ethical business conduct in all its global dealings.

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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

JPMorgan Chase may exit China if required by U.S. amid rising tensions

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