JPMorgan CEO joke bank will last longer than Chinese Communist Party | Banks

Jamie Dimon comments by reiterating his bank’s commitment to doing business in China.

JPMorgan Chase and Co CEO Jamie Dimon jokingly says his bank will last longer than the Chinese Communist Party.

While reiterating his bank’s commitment to doing business in China, Dimon said on Tuesday: “The other day I made a joke that the Communist Party was celebrating its 100th anniversary, including JPMorgan. I would bet we would last longer.”

Dimon added: “I can’t say that in China. They’re probably listening anyway. ‘ He was speaking as part of a series of interviews with Boston College CEOs.

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

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

In late 2019, the bank received permission to establish a majority-owned securities joint venture, offering brokerage, investment advice and collateral services.

In August, the bank obtained approval of Beijing regulations to become the country’s first foreign owner of a securities brokerage. His other business interests in China are asset management and future business.

Global executives usually choose their words carefully when talking about China, where foreign companies have occasionally suffered a backlash from alleged crimes.

In 2019, comments about pigs by a senior UBS economist in China, which some perceived as racist insults, sparked a outcry and prompted a Chinese company to suspend all business relations with the Swiss bank.

In Boston, Dimon also said supply chain inflation problems will be transient, but higher oil prices and wages will not go away. It predicts that one or two percent of the U.S. inflation rate of the last 5 percent will disappear, as prices for used cars and items like wood continue to rise.

“There are probably other things that aren’t that fleeting,” Dimon said. “I don’t think oil prices are going down.”

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

There is an equal chance that inflation will rise and the U.S. Federal Reserve will push for the removal of economic support, perhaps causing a slight recession, he said.

Dimon said the U.S. economy is “booming”.

“Consumers and businesses are in good financial shape and yet more monetary and fiscal stimulus is coming,” he said.

Asked about cryptocurrencies, Dimon repeated advance warnings to buyers.

“It’s not really a currency,” Dimon said, calling it a “crypto-token” that has no intrinsic value that has raised the price in speculation driven by government stimulus payments.

“It’s hysteria,” he said.