JP Morgan boss forced to apologise after making joke about China’s Communist party

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In a statement the banker said: “I regret and should not have made that comment. I was trying to emphasise the strength and longevity of our company.” On Tuesday Mr Dimon told a panel discussion: “The Communist Party is celebrating its 100th year. So is JPMorgan. And I’ll make you a bet we last longer.”

He also said he wouldn’t have been able to say that in China, adding: “They are probably listening anyway.”

A spokesperson for JP Morgan said Mr Dimon: “Acknowledges he should not speak lightly or disrespectfully about another country or its leadership.

“He strongly supports a constructive and detailed economic dialogue with China.”

There has been no public reaction from Beijing so far but the remark is unlikely to have been well received.

Typically most business leaders have trodden very carefully when discussing China’s leadership.

JP Morgan has increasingly focused on investment in China which Mr Dimon previously called “one of the largest opportunities in the world for many of our clients and for JPMorgan Chase”.

Earlier this year JP Morgan became the first foreign firm to fully own a securities venture in China following approval from the China Securities Regulatory Commission.

The news was taken by many as a sign China was opening up further to international business.

Last week it was revealed Mr Dimon had been granted special exemption from Hong Kong’s strict quarantine rules.

Hong Kong chief executive Carrie Lam defended the exemption on account of JP Morgan being “a very huge bank with key business in Hong Kong”.

Usually visitors have to remain in hotel quarantine for 21 days.

Mr Dimon has previous form on jokes and subsequent climb-downs.

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In 2018 he claimed he could beat then President Donald Trump in an election as he was smarter and had earned his own money.

He subsequently admitted he “shouldn’t have said it” adding that it proved he “wouldn’t be a good politician”.

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