Outspoken JP Morgan CEO Jamie Dimon apologized after making a remark that JP Morgan would outlast China’s Communist Party in the context of the centenary of the bank’s presence in Hong Kong.
Dimon’s trip to Hong Kong was already controversial as he was allowed to enter the territory without passing through mandatory COVID-19 quarantine.
“I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company,” he said.
Dimon’s comments came during a conference at the Boston College Chief Executives Club in which he reflected on the differences between China and the United States.
“[An] autocratic … economy doesn’t work particularly well as a country gets much more sophisticated,” said the banker. “And I’m not saying this to be angry to China. I think they have done a better job managing that country than we would have done at managing that country. They are very smart.”