“I’m sorry and I shouldn’t have made that comment. I was trying to emphasize the strength and longevity of our bank.” So JP Morgan Chase CEO Jamie Dimon 24 hours later apologizes for his remarks that his bank will last longer than the Communist Party of China.
Dimon had in fact said: “I made a joke the other day that the Communist Party is celebrating its 100th year, as is JP Morgan. I bet we will last longer.” Words that certainly did not please Beijing. Chinese Foreign Ministry spokesman Zhao Lijian said: “Is it really necessary to mention such remarks that are only meant to get people’s attention?”
JP Morgan has high ambitions in China and in August gained regulatory approval from Beijing to become the first full foreign owner of a brokerage firm in the country.