Beautiful Virgin Islands

Wednesday, Aug 27, 2025

China gives first real reaction to Dimon gaffes but will there be a backlash?

China gives first real reaction to Dimon gaffes but will there be a backlash?

Sky's Ian King explains why the world's most influential banker has cause to be embarrassed and asks if the world's second-largest economy is likely to respond.
What was he thinking?


That is the question all of Wall Street is asking after Jamie Dimon, chief executive of JP Morgan Chase, was forced to apologise not once, but twice, to China for comments that he made earlier this week.

Mr Dimon was addressing a group of US business leaders at a lunch on Tuesday when he noted that the Chinese Communist Party is celebrating its hundredth year.

He said: "So is JPMorgan. I'd make you a bet we last longer."

JP Morgan chief executive Jamie Dimon made his remarks at a lunch for business leaders.


The world's most influential banker added, laughing: "I can't say that in China. They probably are listening anyway."

It is not known whether the Chinese were listening. But they quickly became aware of Mr Dimon's comments.

By Wednesday, Mr Dimon had this to say: "I regret and should not have made that comment. I was trying to emphasise the strength and longevity of our company."

Later on Wednesday, he repeated the apology, stating: "I 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."

The timing of Mr Dimon's comments are striking because JP Morgan Chase is one of a number of big Wall Street institutions seeking to obtain a foothold in the fast-growing Chinese market.

JP Morgan Chase is the largest bank in the US by assets


The bank won permission from Beijing in August to take full control of a securities business in the country in what was a first for a foreign firm.

Mr Dimon had also just returned from a whistle-stop tour to Hong Kong, where his trip raised eyebrows, not least because he was exempted from the three-week quarantine period in a hotel that most visitors must undertake.

Even Mark Tucker, the chairman of HSBC, had to undertake the quarantine period when he visited the territory in August and Carrie Lam, the Hong Kong chief executive, was forced to defend the decision to exempt Mr Dimon.

Mark Tucker


She told reporters last week: "It's a very big bank with important businesses in Hong Kong."

China has responded to Mr Dimon's remarks in a very low key way.

Its foreign ministry spokesman Zhao Lijian did not answer a question about Mr Dimon that was raised during a media briefing on Wednesday.

But on Thursday Mr Zhao said he had "noted relevant reports and the sincere reflection expressed by relevant people".

He went on: "I believe this is a proper attitude. We hope relevant media will stop hyping up this issue."

That will certainly be JP Morgan's view. The bank has a lot to lose if China reacts badly to Mr Dimon's remarks.

It has been calculated that it has as much as $20bn at stake in the country.

That may seem a relatively small sum in the context of a bank with a stock market valuation of $493bn and with assets worldwide worth $3.7trn.

But the size of the opportunity for the bank in the country is far greater.

As Mr Dimon noted, when JP Morgan won approval to have full ownership of its Chinese securities arm: "China represents one of the largest opportunities in the world for many of our clients and for JPMorgan Chase."

The row has also generated a fair degree of schadenfreude in the City.

The then US secretary of state, Mike Pompeo, sneered at HSBC when, in June last year, it endorsed Hong Kong's new security laws. He accused the London-based lender of performing a "corporate kowtow".

Media outlets in the Greater China region have also been quick to throw grenades in Mr Dimon's direction.

The South China Morning Post said in its main leader column on Thursday: "Perhaps this is how American VIPs must talk to their domestic peers these days. Everyone has to look 'tough on China', even if you try to maximise business exposure to the country.

Mr Dimon has faced criticism in China's state media


"Otherwise, you leave yourself vulnerable to accusations that you are kowtowing to Beijing. Wall Street is especially exposed to such criticisms.

"Still, purely out of academic interest, it would be interesting to know the basis of Dimon's confidence.

"Bear Stearns, Lehman, AIG, Citi, Fannie Mae and Freddie Mac, anyone?

"These were financial institutions built over decades and then collapsed, were bailed out or taken over at the start of the last global financial crisis.

"Given the vicissitudes of contemporary finance where risks can hide in obscure corners and then magnify their impact on the entire system, who can really say any bank is safe?"

While some people may be tempted to chuckle at the misfortunes of a 'Master of the Universe', there are a couple of very serious points arising from this situation according to Joseph Sternberg, political economics correspondent at the Wall Street Journal.

He told Sky News: "I can't help but think there is something to the fact that the Chinese Communist Party always seems to be so sensitive to this kind of comment.

"It makes you wonder if, deep down, they almost worry it might be true if [they react in this way to] Jamie Dimon making this kind of comment, even as a throwaway joke, about how long-lasting the party might turn out to be."

Mr Sternberg said there was also a question for JP Morgan Chase as to what plans it should be making to prepare for a post-Communist China if Mr Dimon really did think the party would not be around forever.

Expect that question to be put to Mr Dimon the next time he is in conversation with shareholders and the financial press.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
×