Jamie Dimon apologizes for saying JPMorgan will outlast China’s Communist Party

JPMorgan Chase CEO Jamie Dimon on Wednesday apologized after he made what he called “a joke” saying the bank would outlast the Chinese Communist Party.

The comment was made at an event at Boston College where he answered multiple questions about the company’s relationship with China and contentious issues such as the tensions with Taiwan and security measures in Hong Kong, Bloomberg reported

“I was just in Hong Kong and I made a joke that the Communist Party is celebrating its hundredth year. So is JPMorgan. I’d make you a bet we last longer,” Dimon said.

“I can’t say that in China. They probably are listening anyway,” he added.

Dimon backpedaled on his “joke” on Wednesday in a statement released from the bank saying his comment was inappropriate. 

“I truly regret my recent comment because it’s never right to joke about or denigrate any group of people, whether it’s a country, its leadership, or any part of a society and culture. Speaking in that way can take away from constructive and thoughtful dialogue in society, which is needed now more than ever,” Dimon said in a statement from the bank given to The Hill.

The bank makes $20 billion in China and has plans to further expand the company in the country.

A spokesperson for the company reiterated its commitment to China.

Zhao Lijian, a Chinese Foreign Ministry spokesman, did not respond to Dimon’s comments and said the media reports on the issue were just bait for readers, The Wall Street Journal reported.

Tags Banking Chase Bank China JPMorgan JPMorgan Chase & Co.

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