After making a joke about China’s Communist Party, JP Morgan’s CEO had to apologize.
Just 24 hours after making the remarks, JP Morgan CEO Jamie Dimon said he “regrets” making a joke about China’s ruling party’s future.
“I regret and should not have made that remark,” the banker said in a statement.
“I was trying to emphasize the strength and longevity of our company,” Mr Dimon said at a panel discussion on Tuesday.
JPMorgan is in the same boat.
And I’ll bet you that we’ll last a little longer.”
He also stated that he wouldn’t be able to say that in China, adding, “They are probably listening anyway.”
Mr Dimon “acknowledges he should not speak lightly or disrespectfully about another country or its leadership,” according to a JP Morgan spokesperson.
“He is a firm believer in engaging China in a constructive and detailed economic dialogue.”
Beijing has yet to issue a public statement, but the remark is unlikely to have been well received.
When it comes to discussing China’s leadership, most business leaders tread carefully.
JP Morgan has shifted its focus to China, which Mr Dimon previously described as “one of the world’s largest opportunities for many of our clients and for JPMorgan Chase.”
Following approval by the China Securities Regulatory Commission earlier this year, JP Morgan became the first foreign firm to fully own a securities venture in China.
Many people interpreted the news as a sign that China was becoming more open to foreign trade.
Mr Dimon received a special exemption from Hong Kong’s strict quarantine rules last week, according to reports.
Carrie Lam, the chief executive of Hong Kong, defended the exemption, claiming that JP Morgan is “a very large bank with key business in Hong Kong.”
Normally, visitors are required to stay in hotel quarantine for 21 days.
Mr Dimon has a history of making jokes and then apologizing.
He claimed in 2018 that because he was smarter and had earned his own money, he could defeat then-President Donald Trump in an election.
He later admitted that he “shouldn’t have said it,” and that it demonstrated that he “wouldn’t be a good politician.”